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Why Nuvei Stock Fell Off a Cliff Today
Shares of Nuvei Corporation (NASDAQ: NVEI), a payment-processing company, were crumbling today after Spruce Point Capital Management, a short-seller, released a negative report about Nuvei. Spruce Point also said that Nuvei has failed to provide quarterly updates about merchant additions, whether its merchant enterprises are large or small, where sales are occurring geographically, and other details about its sales. Spruce Point said that it estimates up to 40% to 60% long-term downside risk for Nuvei’s stock based on its assessment.