Harvest Portfolios Group Inc. Invests $1.31 Million in Nuvei Co. (NASDAQ:NVEI)

Harvest Portfolios Group Inc. purchased a new position in shares of Nuvei Co. (NASDAQ:NVEI) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 30,042 shares of the company’s stock, valued at approximately $1,309,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of NVEI. Capital International Investors raised its holdings in Nuvei by 102.5% in the 1st quarter. Capital International Investors now owns 7,269,586 shares of the company’s stock valued at $546,607,000 after buying an additional 3,679,400 shares during the period. Wellington Management Group LLP increased its stake in Nuvei by 70.0% during the first quarter. Wellington Management Group LLP now owns 4,672,026 shares of the company’s stock worth $352,221,000 after purchasing an additional 1,923,114 shares during the period. Senator Investment Group LP purchased a new stake in Nuvei during the first quarter worth about $45,701,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Nuvei by 263.6% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,338,917 shares of the company’s stock worth $58,329,000 after purchasing an additional 970,685 shares during the period. Finally, FMR LLC increased its stake in Nuvei by 20.9% during the first quarter. FMR LLC now owns 4,769,302 shares of the company’s stock worth $207,770,000 after purchasing an additional 824,991 shares during the period. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Nuvei Stock Down 2.2 %

Nuvei stock opened at $17.11 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.00 and a current ratio of 1.01. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of 122.21, a price-to-earnings-growth ratio of 1.48 and a beta of 2.14. Nuvei Co. has a fifty-two week low of $15.87 and a fifty-two week high of $43.81. The stock’s fifty day moving average is $24.60 and its two-hundred day moving average is $31.93.

Nuvei (NASDAQ:NVEI) last posted its quarterly earnings data on Wednesday, August 9th. The company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.06). The company had revenue of $307.03 million for the quarter, compared to analyst estimates of $306.48 million. Nuvei had a net margin of 2.03% and a return on equity of 6.83%. Analysts predict that Nuvei Co. will post 0.83 EPS for the current fiscal year.

Nuvei Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend was Friday, August 18th. Nuvei’s payout ratio is 214.29%.

Analysts Set New Price Targets

A number of brokerages have recently commented on NVEI. Canaccord Genuity Group lowered their price objective on Nuvei from $70.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, August 14th. TheStreet downgraded Nuvei from a “c-” rating to a “d” rating in a report on Monday, May 22nd. Raymond James lowered their price target on Nuvei from $47.00 to $28.00 and set an “outperform” rating for the company in a report on Thursday, August 10th. JPMorgan Chase & Co. lowered their price target on Nuvei from $47.00 to $27.00 and set an “overweight” rating for the company in a report on Thursday, August 10th. Finally, Credit Suisse Group lowered their price target on Nuvei from $42.00 to $26.00 and set an “outperform” rating for the company in a report on Thursday, August 10th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Nuvei has a consensus rating of “Moderate Buy” and an average price target of $40.92.

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. Its platform enables customers to pay and/or accept payments worldwide regardless of their location, device, or preferred payment method.