NerdWallet (NASDAQ:NRDS) Downgraded to Underweight Rating by Morgan Stanley

Morgan Stanley lowered shares of NerdWallet (NASDAQ:NRDS) from an equal weight rating to an underweight rating in a report published on Friday morning, Marketbeat reports. Morgan Stanley currently has $9.00 price objective on the stock, down from their previous price objective of $14.00.

Several other analysts have also commented on NRDS. Oppenheimer lowered their price target on shares of NerdWallet from $18.00 to $15.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 4th. Zacks Research downgraded NerdWallet from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 26th. Finally, Truist Financial reduced their target price on NerdWallet from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.33.

NerdWallet Stock Down 4.2%

NerdWallet stock opened at $9.93 on Friday. The firm has a market capitalization of $663.22 million, a PE ratio of 15.52 and a beta of 1.44. NerdWallet has a 52 week low of $7.55 and a 52 week high of $16.24. The firm’s 50-day simple moving average is $11.47 and its 200 day simple moving average is $12.12.

NerdWallet (NASDAQ:NRDS) last posted its earnings results on Wednesday, February 25th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.02. The firm had revenue of $225.40 million during the quarter, compared to the consensus estimate of $211.37 million. NerdWallet had a net margin of 5.82% and a return on equity of 12.66%. The firm’s revenue for the quarter was up 22.6% on a year-over-year basis. During the same period last year, the firm posted $0.51 EPS. On average, research analysts expect that NerdWallet will post 0.36 EPS for the current fiscal year.

NerdWallet declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 16th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Transactions at NerdWallet

In other NerdWallet news, CAO Nicholas Tatum sold 10,151 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $11.45, for a total transaction of $116,228.95. Following the sale, the chief accounting officer directly owned 47,202 shares of the company’s stock, valued at $540,462.90. This trade represents a 17.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 46.54% of the company’s stock.

Hedge Funds Weigh In On NerdWallet

A number of institutional investors have recently modified their holdings of NRDS. Millennium Management LLC lifted its stake in shares of NerdWallet by 1,231.3% during the fourth quarter. Millennium Management LLC now owns 538,421 shares of the company’s stock valued at $7,296,000 after buying an additional 497,978 shares during the period. Tudor Investment Corp ET AL purchased a new stake in NerdWallet in the 3rd quarter worth approximately $2,812,000. Nuveen LLC raised its holdings in NerdWallet by 296.1% in the 4th quarter. Nuveen LLC now owns 330,631 shares of the company’s stock valued at $4,480,000 after acquiring an additional 247,157 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in NerdWallet by 26.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,133,790 shares of the company’s stock valued at $12,200,000 after acquiring an additional 234,691 shares during the last quarter. Finally, UBS Group AG lifted its stake in shares of NerdWallet by 52.2% during the 4th quarter. UBS Group AG now owns 489,591 shares of the company’s stock worth $6,634,000 after purchasing an additional 167,954 shares during the period. Institutional investors and hedge funds own 38.81% of the company’s stock.

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.