It’s a huge day for payment processor Nuvei (TSE:NVEI) (NASDAQ:NVEI) as its third quarter numbers impressed investors like no tomorrow. Investors piled in, and Nuvei’s share price surged over 19% in Wednesday afternoon’s trading as a result.
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Nuvei surged mostly on the strength of impressive third-quarter numbers, which actually turned out to be something of a mixed bag. Earnings came in at $0.39 per share, which fell short of analyst expectations looking for $0.40.
Meanwhile, revenue came in better than expected, if only just, with $304.85 million in revenue. That beat analyst expectations, which looked for $303.49 million in revenue. However, the real winner on that point is that the $304.85 million brought in represented a 54.6% increase against the third quarter of 2022.
The outlook proved even better. Full-year revenue for 2023 is now projected to be between $1.18 billion and $1.2 billion, which is up somewhat from the previous range of $1.17 billion to $1.2 billion. Adjusted earnings before interest, taxes, depreciation, and amortization, meanwhile, is now expected to be between $427 million and $435 million. That’s also up from the previous range of $417 million to $432 million.
Is Nuvei a Good Stock to Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on NVEI stock based on 11 Buys and one Hold assigned in the past three months, as indicated by the graphic below. Furthermore, the average NVEI price target of C$41.23 per share implies 55.69% upside potential.
