NerdWallet (NASDAQ:NRDS) Price Target Cut to $18.00 by Analysts at Truist Financial

NerdWallet (NASDAQ:NRDS) had its price objective lowered by equities researchers at Truist Financial from $19.00 to $18.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 74.42% from the stock’s current price.

NRDS has been the topic of several other reports. Morgan Stanley boosted their price objective on shares of NerdWallet from $12.00 to $14.00 and gave the company an “equal weight” rating in a research note on Monday, November 10th. Barclays boosted their price target on shares of NerdWallet from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. KeyCorp raised their price objective on shares of NerdWallet from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Finally, Zacks Research cut NerdWallet from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 9th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $15.20.

NerdWallet Trading Up 7.9%

Shares of NASDAQ:NRDS opened at $10.32 on Thursday. The firm has a 50 day simple moving average of $12.22 and a 200-day simple moving average of $12.07. NerdWallet has a twelve month low of $7.55 and a twelve month high of $16.24. The company has a market capitalization of $750.37 million, a PE ratio of 10.75 and a beta of 1.43.

NerdWallet (NASDAQ:NRDS) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. NerdWallet had a net margin of 9.22% and a return on equity of 9.27%. The firm had revenue of $225.40 million for the quarter, compared to analyst estimates of $211.37 million. During the same period last year, the business earned $0.51 EPS. NerdWallet’s revenue for the quarter was up 22.6% compared to the same quarter last year. As a group, equities research analysts predict that NerdWallet will post 0.36 EPS for the current fiscal year.

NerdWallet announced that its board has approved a stock buyback program on Tuesday, December 16th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Samuel Yount sold 15,945 shares of the firm’s stock in a transaction on Tuesday, December 2nd. The shares were sold at an average price of $16.04, for a total value of $255,757.80. Following the transaction, the insider owned 358,116 shares of the company’s stock, valued at approximately $5,744,180.64. This trade represents a 4.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 46.54% of the company’s stock.

Institutional Trading of NerdWallet

A number of institutional investors and hedge funds have recently modified their holdings of the business. Covestor Ltd acquired a new stake in shares of NerdWallet during the fourth quarter worth approximately $34,000. Tower Research Capital LLC TRC lifted its holdings in NerdWallet by 37.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,893 shares of the company’s stock worth $43,000 after purchasing an additional 1,054 shares during the last quarter. Polymer Capital Management US LLC acquired a new position in NerdWallet in the 3rd quarter valued at $111,000. Olympiad Research LP bought a new position in shares of NerdWallet in the third quarter worth about $119,000. Finally, Prelude Capital Management LLC acquired a new position in shares of NerdWallet during the third quarter worth approximately $119,000. 38.81% of the stock is owned by institutional investors and hedge funds.

NerdWallet Company Profile

NerdWallet (NASDAQ: NRDS) is a personal finance company that offers independent guidance and comparison tools to help consumers make informed financial decisions. Through its website and mobile application, NerdWallet provides a wide range of content, including articles, calculators and reviews covering credit cards, mortgages, personal loans, banking products, investing, insurance and taxes. The platform aggregates partner offers to enable side-by-side comparisons, while editorially maintaining objectivity to support users in identifying the products that best suit their individual needs.

Founded in 2009 by Tim Chen and Jacob Gibson, NerdWallet is headquartered in San Francisco and serves consumers primarily in the United States, with additional localized offerings in Canada and the United Kingdom.