The biggest claim to fame for Canadian payments stock Nuvei (TSE:NVEI) (NASDAQ:NVEI) might be its backing. It’s supported by no less than Ryan Reynolds, perhaps best known for being Deadpool. But Nuvei has drawn plenty of attention in its own right, and that attention has it potentially getting acquired by a private equity firm, Advent International. That revelation sent shares of Nuvei spiking, up over 30% in Monday afternoon’s trading.
Nuvei noted that a committee has already been put together to address “strategic alternatives,” one of which—as is common any time you hear the phrase “strategic alternatives”—is the complete sale of the company. While a deal is currently in the works, it’s still in the early stages, so the deal may ultimately never come to pass.
Since Nuvei focuses on payments related to sports betting, it’s in something of a growth industry right now, even as its own shares have seen a 47% drop over the last year. That may well have drawn the attention of Advent International.
What Is the Outlook for Nuvei Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on NVEI stock based on nine Buys and two Holds assigned in the past three months, as indicated by the graphic below. After a 30.36% loss in its share price over the past year, the average NVEI price target of C$42.92 per share implies 10.82% upside potential.
