Addenda Capital Inc. Boosts Stake in Nuvei Co. (NASDAQ:NVEI)

Addenda Capital Inc. lifted its holdings in shares of Nuvei Co. (NASDAQ:NVEI) by 5.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 28,880 shares of the company’s stock after purchasing an additional 1,442 shares during the period. Addenda Capital Inc.’s holdings in Nuvei were worth $913,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Nuvei by 35.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,944 shares of the company’s stock worth $191,000 after acquiring an additional 2,095 shares during the last quarter. Virtu Financial LLC bought a new stake in Nuvei in the 4th quarter worth $248,000. CastleKnight Management LP bought a new stake in Nuvei in the 4th quarter worth $305,000. Ontario Teachers Pension Plan Board bought a new stake in Nuvei in the 4th quarter worth $337,000. Finally, Raymond James & Associates bought a new stake in Nuvei in the 4th quarter worth $339,000. Institutional investors own 42.45% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $34.00 price target (up previously from $31.00) on shares of Nuvei in a research report on Tuesday, April 2nd. UBS Group reiterated a “neutral” rating and set a $34.00 price target (up previously from $30.00) on shares of Nuvei in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. cut shares of Nuvei from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $32.00 to $34.00 in a research report on Wednesday, May 8th. BMO Capital Markets dropped their price objective on shares of Nuvei from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, March 7th. Finally, Scotiabank reissued a “sector perform” rating and set a $34.00 price objective on shares of Nuvei in a research note on Tuesday, April 2nd. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.06.

Nuvei Price Performance

NVEI opened at $32.38 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a 50 day moving average price of $32.19 and a 200-day moving average price of $28.45. Nuvei Co. has a twelve month low of $13.32 and a twelve month high of $37.41.

Nuvei (NASDAQ:NVEI) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.05). Nuvei had a negative net margin of 0.39% and a positive return on equity of 6.50%. The company had revenue of $335.11 million for the quarter, compared to analysts’ expectations of $326.11 million. As a group, equities research analysts predict that Nuvei Co. will post 1.22 EPS for the current fiscal year.

Nuvei Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, May 21st were issued a dividend of $0.10 per share. The ex-dividend date was Monday, May 20th. This represents a $0.40 dividend on an annualized basis and a yield of 1.24%. Nuvei’s dividend payout ratio is currently -1,000.00%.

Nuvei Profile

Nuvei Corporation provides payment technology solutions to merchants and partners in North America, Europe, the Middle East and Africa, Latin America, and the Asia Pacific. The company's platform enables customers to pay and/or accept payments worldwide regardless of the location, device, or preferred payment method.