Should You Exit Nuvei Corporation (NVEI)?

Baron Funds, an investment management company, released its “Baron FinTech Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund rose 4.83% (Institutional Shares) compared to an 8.24% gain for the FactSet Global FinTech Index and a 7.50% gain for the S&P 500 benchmark index. Against a confusing market backdrop, the Fund appreciated during the first quarter yet trailed the Benchmark and the broader market. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron FinTech Fund highlighted stocks like Nuvei Corporation (NASDAQ:NVEI) in the first quarter 2023 investor letter. Based in Montreal, Canada, Nuvei Corporation (NASDAQ:NVEI) is a payment technology solution company. On June 5, 2023, Nuvei Corporation (NASDAQ:NVEI) stock closed at $30.34 per share. One-month return of Nuvei Corporation (NASDAQ:NVEI) was -28.43%, and its shares lost 39.89% of their value over the last 52 weeks. Nuvei Corporation (NASDAQ:NVEI) has a market capitalization of $4.201 billion.

Baron FinTech Fund made the following comment about Nuvei Corporation (NASDAQ:NVEI) in its Q1 2023 investor letter:

“We also exited DLocal Limited and Nuvei Corporation (NASDAQ:NVEI) due to slowing earnings growth and greater uncertainty about the sustainability of both companies’ competitive advantages in an increasingly crowded payments market.”

Nuvei Corporation (NASDAQ:NVEI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Nuvei Corporation (NASDAQ:NVEI) at the end of first quarter 2023 which was 11 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.