JPMorgan Chase & Co. Lowers Nuvei (NASDAQ:NVEI) to Neutral

JPMorgan Chase & Co. lowered shares of Nuvei (NASDAQ:NVEI - Free Report) from an overweight rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat.com reports. JPMorgan Chase & Co. currently has $34.00 price target on the stock, up from their prior price target of $32.00.

Several other equities research analysts have also commented on NVEI. Wolfe Research reissued a peer perform rating on shares of Nuvei in a report on Tuesday, April 2nd. Canaccord Genuity Group dropped their target price on shares of Nuvei from $40.00 to $34.00 and set a buy rating for the company in a report on Tuesday, April 2nd. Citigroup upped their target price on shares of Nuvei from $27.00 to $34.00 and gave the stock a neutral rating in a report on Wednesday, April 3rd. Royal Bank of Canada upped their target price on shares of Nuvei from $29.00 to $34.00 and gave the stock an outperform rating in a report on Thursday, March 7th. Finally, BMO Capital Markets dropped their target price on shares of Nuvei from $30.00 to $28.00 and set an outperform rating for the company in a report on Thursday, March 7th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $32.06.

Nuvei Stock Performance

NVEI stock traded up $0.13 during trading on Wednesday, reaching $32.48. The company had a trading volume of 969,000 shares, compared to its average volume of 1,105,861. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.05. Nuvei has a twelve month low of $13.32 and a twelve month high of $42.50. The firm has a 50-day simple moving average of $29.63 and a 200-day simple moving average of $24.95. The company has a market cap of $4.53 billion, a price-to-earnings ratio of -538.91, a price-to-earnings-growth ratio of 1.52 and a beta of 2.59.

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

Nuvei Announces Dividend

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

Institutional Trading of Nuvei

A number of institutional investors and hedge funds have recently bought and sold shares of NVEI. Psagot Value Holdings Ltd. Israel purchased a new position in Nuvei in the third quarter valued at approximately $90,000. Quantbot Technologies LP acquired a new stake in shares of Nuvei in the first quarter valued at approximately $207,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Nuvei by 35.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,944 shares of the company's stock valued at $191,000 after acquiring an additional 2,095 shares during the period. Virtu Financial LLC acquired a new stake in shares of Nuvei in the fourth quarter valued at approximately $248,000. Finally, FORA Capital LLC acquired a new stake in shares of Nuvei in the first quarter valued at approximately $355,000. 42.45% of the stock is currently owned by hedge funds and other institutional investors.

About Nuvei

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.