Nuvei (NASDAQ:NVEI) Reaches New 52-Week High – Time to Buy?

Nuvei Co. (NASDAQ:NVEI)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $33.80 and last traded at $33.80, with a volume of 4300 shares trading hands. The stock had previously closed at $33.65.

Nuvei Stock Performance

The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.60. The business has a fifty day moving average of $33.39 and a 200 day moving average of $32.82. The company has a market cap of $4.75 billion, a P/E ratio of -372.07, a P/E/G ratio of 1.85 and a beta of 2.51.

Nuvei (NASDAQ:NVEI) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.06). Nuvei had a negative net margin of 0.87% and a positive return on equity of 6.98%. The company had revenue of $345.50 million for the quarter, compared to the consensus estimate of $329.88 million. During the same quarter last year, the company earned $0.19 EPS. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities analysts predict that Nuvei Co. will post 1.09 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVEI. Wolverine Asset Management LLC raised its holdings in Nuvei by 2.0% during the 3rd quarter. Wolverine Asset Management LLC now owns 67,804 shares of the company’s stock valued at $2,261,000 after buying an additional 1,312 shares during the period. Bardin Hill Management Partners LP bought a new stake in Nuvei during the second quarter valued at about $922,000. The Manufacturers Life Insurance Company increased its position in shares of Nuvei by 2.1% during the second quarter. The Manufacturers Life Insurance Company now owns 52,663 shares of the company’s stock worth $1,703,000 after purchasing an additional 1,067 shares in the last quarter. Millennium Management LLC raised its position in shares of Nuvei by 130.8% in the 2nd quarter. Millennium Management LLC now owns 2,138,217 shares of the company’s stock valued at $69,235,000 after purchasing an additional 1,211,748 shares during the last quarter. Finally, Absolute Gestao de Investimentos Ltda. purchased a new stake in Nuvei during the 2nd quarter valued at about $18,577,000. 42.45% of the stock is currently owned by 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.