Addenda Capital Inc. Reduces Position in Nuvei Co. (NASDAQ:NVEI)

Addenda Capital Inc. lessened its stake in shares of Nuvei Co. (NASDAQ:NVEI) by 14.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,603 shares of the company’s stock after selling 4,277 shares during the period. Addenda Capital Inc.’s holdings in Nuvei were worth $797,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in Nuvei during the 1st quarter worth approximately $590,000. Gabelli Funds LLC purchased a new stake in Nuvei during the 1st quarter worth approximately $623,000. Senator Investment Group LP lifted its stake in Nuvei by 18.2% during the 1st quarter. Senator Investment Group LP now owns 650,000 shares of the company’s stock valued at $20,553,000 after acquiring an additional 100,000 shares during the period. Toronto Dominion Bank lifted its stake in Nuvei by 53.9% during the 1st quarter. Toronto Dominion Bank now owns 23,504 shares of the company’s stock valued at $743,000 after acquiring an additional 8,235 shares during the period. Finally, Covestor Ltd acquired a new stake in Nuvei during the 1st quarter valued at approximately $58,000. Hedge funds and other institutional investors own 42.45% of the company’s stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. cut shares of Nuvei from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $32.00 to $34.00 in a research note on Wednesday, May 8th. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Nuvei currently has an average rating of “Hold” and an average target price of $32.21.

Nuvei Price Performance

NASDAQ:NVEI traded down $0.08 during trading hours on Wednesday, reaching $33.11. 883,976 shares of the company were exchanged, compared to its average volume of 1,034,883. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.60. The stock’s 50-day moving average is $32.56 and its 200-day moving average is $30.33. The firm has a market cap of $4.64 billion, a PE ratio of -827.75, a price-to-earnings-growth ratio of 1.60 and a beta of 2.53. Nuvei Co. has a twelve month low of $13.32 and a twelve month high of $33.78.

Nuvei (NASDAQ:NVEI) last released its earnings results on Tuesday, August 6th. The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.06). Nuvei had a positive return on equity of 6.50% and a negative net margin of 0.39%. The business had revenue of $345.50 million for the quarter, compared to analysts’ expectations of $329.88 million. During the same period in the previous year, the company earned $0.19 EPS. Nuvei’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Nuvei Co. will post 1.23 earnings per share for the current fiscal year.

Nuvei Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Tuesday, August 20th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Tuesday, August 20th. Nuvei’s payout ratio is -1,000.00%.

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.