NerdWallet (NASDAQ:NRDS) Shares Gap Up Following Analyst Upgrade

NerdWallet, Inc. (NASDAQ:NRDS)’s stock price gapped up prior to trading on Wednesday after KeyCorp raised their price target on the stock from $18.00 to $20.00. The stock had previously closed at $11.32, but opened at $14.50. KeyCorp currently has an overweight rating on the stock. NerdWallet shares last traded at $13.75, with a volume of 930,766 shares trading hands.

NRDS has been the topic of a number of other research reports. Barclays lifted their target price on NerdWallet from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Wednesday. Truist Financial dropped their price objective on NerdWallet from $19.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Oppenheimer dropped their price objective on NerdWallet from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, Morgan Stanley lifted their price objective on NerdWallet from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.00.

Insider Buying and Selling at NerdWallet

In related news, major shareholder Topline Capital Partners, Lp acquired 412,055 shares of NerdWallet stock in a transaction on Tuesday, October 22nd. The stock was purchased at an average cost of $11.35 per share, with a total value of $4,676,824.25. Following the purchase, the insider now directly owns 5,251,145 shares in the company, valued at approximately $59,600,495.75. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, major shareholder Topline Capital Partners, Lp acquired 412,055 shares of NerdWallet stock in a transaction on Tuesday, October 22nd. The stock was purchased at an average cost of $11.35 per share, with a total value of $4,676,824.25. Following the purchase, the insider now directly owns 5,251,145 shares in the company, valued at approximately $59,600,495.75. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Samuel Yount sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.01, for a total value of $60,050.00. Following the transaction, the vice president now owns 2,329,471 shares in the company, valued at $27,976,946.71. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 45.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On NerdWallet

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC grew its holdings in NerdWallet by 108.4% during the 1st quarter. Lord Abbett & CO. LLC now owns 926,596 shares of the company’s stock valued at $13,621,000 after buying an additional 481,958 shares during the last quarter. Vanguard Group Inc. grew its holdings in NerdWallet by 12.1% during the 1st quarter. Vanguard Group Inc. now owns 4,005,447 shares of the company’s stock valued at $58,880,000 after buying an additional 432,262 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in NerdWallet by 12.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 769,831 shares of the company’s stock valued at $11,239,000 after buying an additional 86,376 shares during the last quarter. Legato Capital Management LLC acquired a new stake in NerdWallet during the 2nd quarter valued at $555,000. Finally, Cubist Systematic Strategies LLC grew its holdings in NerdWallet by 11.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 15,671 shares of the company’s stock valued at $229,000 after buying an additional 1,561 shares during the last quarter. Institutional investors and hedge funds own 38.81% of the company’s stock.

NerdWallet Stock Performance

The business has a fifty day simple moving average of $12.35 and a 200 day simple moving average of $13.22. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of -100.39 and a beta of 1.42.

NerdWallet (NASDAQ:NRDS) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.06). NerdWallet had a negative return on equity of 2.98% and a negative net margin of 1.85%. The business had revenue of $150.60 million for the quarter, compared to analysts’ expectations of $149.93 million. During the same period in the prior year, the company earned ($0.14) EPS. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that NerdWallet, Inc. will post -0.01 EPS for the current fiscal year.

About NerdWallet

NerdWallet, Inc operates a digital platform that provides consumer-driven advice about personal finance by connecting individuals and small and mid-sized businesses with financial products providers in the United States, the United Kingdom, Australia, and Canada. Its platform offers guidance to consumers through educational content, tools and calculators, and product marketplaces, as well as through NerdWallet app for various financial products, including credit cards, mortgages, insurance, SMB products, personal loans, banking, investing, and student loans.