NerdWallet (NASDAQ:NRDS) Reaches New 1-Year Low Following Analyst Downgrade

NerdWallet, Inc. (NASDAQ:NRDS) shares hit a new 52-week low during trading on Monday after Truist Financial lowered their price target on the stock from $18.00 to $15.00. Truist Financial currently has a buy rating on the stock. NerdWallet traded as low as $8.41 and last traded at $8.4350, with a volume of 1810930 shares trading hands. The stock had previously closed at $9.14.

A number of other research firms have also issued reports on NRDS. Oppenheimer lowered their target price on NerdWallet from $15.00 to $12.00 and set an “outperform” rating on the stock in a report on Monday. Morgan Stanley lowered NerdWallet from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $14.00 to $9.00 in a report on Friday, March 13th. Citigroup lowered their target price on NerdWallet from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday. KeyCorp lowered their target price on NerdWallet from $15.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Zacks Research lowered NerdWallet from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, NerdWallet currently has an average rating of “Hold” and a consensus price target of $12.83.

Insider Transactions at NerdWallet

In other NerdWallet news, CAO Nicholas Tatum sold 10,151 shares of NerdWallet stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $11.45, for a total transaction of $116,228.95. Following the transaction, the chief accounting officer owned 47,202 shares of the company’s stock, valued at $540,462.90. The trade was a 17.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Samuel Yount sold 71,988 shares of NerdWallet stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $10.32, for a total value of $742,916.16. Following the transaction, the insider directly owned 173,973 shares in the company, valued at approximately $1,795,401.36. This trade represents a 29.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 86,043 shares of company stock worth $901,317 in the last three months. 52.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NerdWallet

Several institutional investors and hedge funds have recently bought and sold shares of NRDS. AQR Capital Management LLC grew its stake in NerdWallet by 80.6% during the 1st quarter. AQR Capital Management LLC now owns 40,432 shares of the company’s stock valued at $366,000 after acquiring an additional 18,047 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of NerdWallet by 23.9% during the 1st quarter. Millennium Management LLC now owns 867,113 shares of the company’s stock valued at $7,847,000 after buying an additional 166,984 shares during the last quarter. Creative Planning acquired a new stake in shares of NerdWallet during the 2nd quarter valued at about $177,000. JPMorgan Chase & Co. lifted its holdings in shares of NerdWallet by 12.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,576 shares of the company’s stock valued at $215,000 after buying an additional 2,161 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of NerdWallet by 7.7% during the 2nd quarter. Legal & General Group Plc now owns 45,986 shares of the company’s stock valued at $504,000 after buying an additional 3,300 shares during the last quarter. Hedge funds and other institutional investors own 38.81% of the company’s stock.

NerdWallet Trading Down 7.6%

The firm has a market capitalization of $563.97 million, a price-to-earnings ratio of 9.07 and a beta of 1.34. The company has a fifty day moving average price of $10.61 and a 200-day moving average price of $12.09.

NerdWallet (NASDAQ:NRDS) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.04. The business had revenue of $222.20 million during the quarter, compared to analyst estimates of $227.63 million. NerdWallet had a return on equity of 18.33% and a net margin of 8.11%.NerdWallet’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, sell-side analysts predict that NerdWallet, Inc. will post 0.85 EPS for the current fiscal year.

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.