Nuvei (NASDAQ:NVEI) Stock Rating Lowered by JPMorgan Chase & Co.

Nuvei (NASDAQ:NVEI) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat reports. They presently have a $34.00 price target on the stock, up from their previous price target of $32.00. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 5.10% from the stock’s previous close.

NVEI has been the topic of a number of other research reports. William Blair downgraded Nuvei from an “outperform” rating to a “market perform” rating in a research report on Monday, April 1st. Wolfe Research reissued a “peer perform” rating on shares of Nuvei in a research report on Tuesday, April 2nd. The Goldman Sachs Group increased their price target on Nuvei from $21.00 to $30.00 and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Citigroup raised their target price on Nuvei from $27.00 to $34.00 and gave the company a “neutral” rating in a report on Wednesday, April 3rd. Finally, National Bankshares raised their target price on Nuvei from $23.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.06.

Nuvei Price Performance

Nuvei stock opened at $32.35 on Wednesday. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of -539.08, a PEG ratio of 1.52 and a beta of 2.59. Nuvei has a 12 month low of $13.32 and a 12 month high of $42.50. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The stock’s 50 day moving average is $29.63 and its 200-day moving average is $24.95.

Nuvei (NASDAQ:NVEI) last issued its quarterly earnings results on Tuesday, March 5th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.06. The business had revenue of $321.52 million for the quarter, compared to the consensus estimate of $319.60 million. Nuvei had a positive return on equity of 6.64% and a negative net margin of 0.66%. Equities research analysts expect that Nuvei will post 1.27 EPS for the current year.

Institutional Investors Weigh In On Nuvei

Several hedge funds have recently modified their holdings of NVEI. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Nuvei by 681.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 79,607 shares of the company’s stock valued at $1,199,000 after acquiring an additional 69,419 shares in the last quarter. Psagot Value Holdings Ltd. Israel bought a new position in Nuvei during the 3rd quarter worth $90,000. Ingalls & Snyder LLC raised its position in Nuvei by 93.5% during the 3rd quarter. Ingalls & Snyder LLC now owns 182,415 shares of the company’s stock worth $2,737,000 after purchasing an additional 88,145 shares during the last quarter. Barclays PLC raised its position in Nuvei by 2,516.2% during the 3rd quarter. Barclays PLC now owns 265,514 shares of the company’s stock worth $3,983,000 after purchasing an additional 255,365 shares during the last quarter. Finally, Cidel Asset Management Inc. raised its position in Nuvei by 17.6% during the 3rd quarter. Cidel Asset Management Inc. now owns 609,662 shares of the company’s stock worth $9,186,000 after purchasing an additional 91,294 shares during the last quarter. Institutional investors and hedge funds own 42.45% of the company’s stock.

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.