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Highlights
- Nuvei stocks have noted a significant growth of 51 per cent in the last one month.
- Stocks of the fintech company were also trading in the green territory on Friday, September 3.
- The months of July and August, as well as the beginning of September, brought quite of few developments of Nuvei Corporation.
Stocks of fintech company Nuvei Corporation (TSX:NVEI) seem to have caught the attention of Canadian investors.
After slipping by nearly six per cent on Thursday, September 2, the tech stock returned to the green territory on Friday, rising by nearly one per cent to trade at a value of C$ 152.83 (12.03PM EST).
Nuvei stocks have also noted a significant growth of 97 per cent year-to-date (YTD), while the S&P/TSX composite index expanded by 19.28 per cent in comparison.
What has been pushing up Nuvei’s stock performance? Let’s find out.
Also read: Nuvei (TSX:NVEI) Revenue Climbs 80%. Worth A Buy?
Nuvei Corporation (TSX:NVEI)
The months of July and August, as well as the beginning of September, brought quite of few developments of Nuvei Corporation.
For starters, the tech firm announced its plans to adopt the Alipay+ solution on July 29 in a move to help global merchants and cross-border payments.
Earlier in August, Nuvei reported that its second quarter ending June 30, 2021, saw a revenue increase of a whopping 114 per cent year-over-year (YoY) to US$ 178.2 million. In the latest quarter, its net income also expanded to US$ 38.9 million, up from that of US$ 14 million Q2 2020.
Nuvei’s total volume, which is the overall value of transactions processed by merchants, shot up by a 146 per cent in Q2 2021, amounting to US$ 21.9 billion.
August 2021 also saw the Canadian tech player complete the acquisition of Toronto-based fintech firm Mazooma Technical Services Inc, which is expected to help Nuvei enhance its payment option portfolio further.
As September came, Nuvei kickstarted the month with the completion of another acquisition, fiat-cryptocurrency gateway SimplexCC Ltd.
With this purchase, Nuvei said that it aims to help its merchants with Simplex’s “advanced capabilities and enhanced solutions”, while offering the latter’s users its own product solutions and capabilities.
Also Read: 5 Canadian stocks that are outperforming markets
Bottom line
Nuvei Corp is a C$ 21.2-billion market cap player in the digital payment industry, a sphere that is expected to grow further in the years to come.
As for its stock performance, NVEI shares grew by nearly 157 per cent in the last nine months, while expanding by 51 per cent in the past month. If the company continues to expand and grow, Nuvei could be an option for investors to explore.
