Shares of Euronet Worldwide (NASDAQ:EEFT) gained 12.2% in November, according to data from S&P Global Market Intelligence. Institutional buying and a newly announced partnership helped the stock bounce back after sell-offs on the heels of the company's third-quarter earnings release in October.
Euronet initially fell after the company reported its third-quarter earnings results on Oct. 22, but shares regained momentum late in October following 13F filings that showed increased institutional support for the stock. This momentum carried through into November. Combined with gains for the broader market, this helped the ATM and payment-processing company close out last month with double-digit gains.
DuPont Capital published its 13F filing on Oct. 28, revealing that it had purchased nearly 60,000 shares of Euronet in the third quarter. The Teacher Retirement System of Texas published a filing the same day showing that it had boosted its position in the stock by roughly 312,000 shares, and the California Public Employees' Retirement System published a filing on Oct. 31 reporting that it had added nearly 105,000 new Euronet shares to its holdings.
The company's stock may have also gotten a boost from news that PayPal's Xoom money transfer service was partnering with Walmart and Euronet's Ria division to allow users living outside of the U.S. to transfer money to users in the country.
Euronet stock has dipped a bit this month amid sell-offs for the broader market, with shares down roughly 2% in December's trading so far.
The company is guiding for adjusted earnings per share of $1.61 in the fourth quarter, and Euronet shares now trade at roughly 22 times this year's expected earnings.