Nuvei (NASDAQ:NVEI) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Nuvei (NASDAQ:NVEI) from an overweight rating to a neutral rating in a report released on Wednesday morning, Marketbeat.com reports. JPMorgan Chase & Co. currently has $34.00 price target on the stock, up from their previous price target of $32.00.

A number of other equities analysts have also recently commented on the stock. Royal Bank of Canada lifted their price objective on shares of Nuvei from $29.00 to $34.00 and gave the stock an outperform rating in a research report on Thursday, March 7th. The Goldman Sachs Group increased their price target on shares of Nuvei from $21.00 to $30.00 and gave the company a neutral rating in a report on Thursday, January 11th. Wolfe Research restated a peer perform rating on shares of Nuvei in a report on Tuesday, April 2nd. Raymond James increased their target price on Nuvei from $27.00 to $30.00 and gave the stock an outperform rating in a research note on Thursday, March 7th. Finally, Citigroup increased their price objective on Nuvei from $27.00 to $34.00 and gave the stock a neutral rating in a research report on Wednesday, April 3rd. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $32.06.

Nuvei Trading Up 0.4 %

Shares of NASDAQ:NVEI opened at $32.48 on Wednesday. Nuvei has a 52-week low of $13.32 and a 52-week high of $42.50. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $4.53 billion, a P/E ratio of -541.24, a price-to-earnings-growth ratio of 1.52 and a beta of 2.59. The company has a 50-day simple moving average of $29.75 and a 200 day simple moving average of $25.01.

Nuvei (NASDAQ:NVEI) last released its quarterly earnings data on Tuesday, March 5th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.06. Nuvei had a positive return on equity of 6.64% and a negative net margin of 0.66%. The company had revenue of $321.52 million during the quarter, compared to analysts’ expectations of $319.60 million. Sell-side analysts forecast that Nuvei will post 1.27 earnings per share for the current year.

Nuvei Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Tuesday, March 19th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Monday, March 18th. Nuvei’s dividend payout ratio is presently -333.28%.

Institutional Investors Weigh In On Nuvei

A number of hedge funds have recently made changes to their positions in NVEI. Swiss National Bank boosted its position in Nuvei by 1.0% in the first quarter. Swiss National Bank now owns 125,400 shares of the company’s stock valued at $3,963,000 after buying an additional 1,200 shares in the last quarter. Quantbot Technologies LP bought a new stake in Nuvei during the 1st quarter worth $207,000. FORA Capital LLC acquired a new position in Nuvei in the 1st quarter worth about $355,000. Mirae Asset Global Investments Co. Ltd. raised its position in Nuvei by 15.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 87,883 shares of the company’s stock valued at $2,779,000 after purchasing an additional 11,767 shares during the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. boosted its stake in shares of Nuvei by 15.4% during the first quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,347,917 shares of the company’s stock valued at $42,783,000 after purchasing an additional 179,840 shares in the last quarter. 42.45% of the stock is currently owned by institutional investors and hedge funds.

Nuvei Company 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.