NewGen Asset Management Ltd Makes New $11.16 Million Investment in Nuvei Co. (NASDAQ:NVEI)

NewGen Asset Management Ltd purchased a new position in shares of Nuvei Co. (NASDAQ:NVEI) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 425,000 shares of the company’s stock, valued at approximately $11,160,000. Nuvei comprises about 5.7% of NewGen Asset Management Ltd’s portfolio, making the stock its 8th biggest position. NewGen Asset Management Ltd owned 0.31% of Nuvei at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Psagot Value Holdings Ltd. Israel acquired a new position in Nuvei during the 3rd quarter worth approximately $90,000. Toronto Dominion Bank boosted its holdings in shares of Nuvei by 114.9% in the 3rd quarter. Toronto Dominion Bank now owns 21,227 shares of the company’s stock valued at $318,000 after buying an additional 11,351 shares during the last quarter. Raymond James & Associates acquired a new stake in shares of Nuvei in the 4th quarter valued at approximately $339,000. Citigroup Inc. boosted its holdings in shares of Nuvei by 2.6% in the 3rd quarter. Citigroup Inc. now owns 22,776 shares of the company’s stock valued at $343,000 after buying an additional 576 shares during the last quarter. Finally, Scotia Capital Inc. boosted its holdings in shares of Nuvei by 13.2% in the 3rd quarter. Scotia Capital Inc. now owns 33,214 shares of the company’s stock valued at $498,000 after buying an additional 3,861 shares during the last quarter. Institutional investors and hedge funds own 42.45% of the company’s stock.

Nuvei Trading Up 0.0 %

NVEI traded up $0.01 during trading on Friday, reaching $32.34. 771,925 shares of the company’s stock were exchanged, compared to its average volume of 1,291,169. The firm has a fifty day moving average price of $29.34 and a two-hundred day moving average price of $24.65. Nuvei Co. has a one year low of $13.32 and a one year 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.

Nuvei (NASDAQ:NVEI) last posted its quarterly earnings data on Tuesday, March 5th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.06. The business had revenue of $321.52 million during 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 Co. will post 1.27 earnings per share for the current fiscal year.

Nuvei Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Tuesday, March 19th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend was Monday, March 18th. Nuvei’s dividend payout ratio is presently -333.28%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $34.00 price objective (up previously from $31.00) on shares of Nuvei in a research report on Tuesday, April 2nd. The Goldman Sachs Group increased their target price on Nuvei from $21.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, January 11th. Royal Bank of Canada increased their target price on Nuvei from $29.00 to $34.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Raymond James increased their target price on Nuvei from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Finally, Canaccord Genuity Group reduced their target price on Nuvei from $40.00 to $34.00 and set a “buy” rating on the stock in a report on Tuesday, April 2nd. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.94.

Nuvei 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.