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

NerdWallet, Inc. (NASDAQ:NRDS) shares reached a new 52-week low 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 traded. The stock had previously closed at $9.14.

Other equities research analysts have also issued reports about the company. Citigroup reduced their target price on NerdWallet from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of NerdWallet in a report on Monday, May 4th. Wall Street Zen lowered NerdWallet from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Morgan Stanley lowered NerdWallet from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $14.00 to $9.00 in a report on Friday, March 13th. Finally, Oppenheimer cut their price target on NerdWallet from $15.00 to $12.00 and set an “outperform” rating for the company in a report on Monday. 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 MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $12.83.

Insiders Place Their Bets

In related news, CAO Nicholas Tatum sold 10,151 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $11.45, for a total value of $116,228.95. Following the completion of the transaction, the chief accounting officer directly owned 47,202 shares in the company, valued at approximately $540,462.90. This represents a 17.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Samuel Yount sold 71,988 shares of the company’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $10.32, for a total value of $742,916.16. Following the completion of the transaction, the insider owned 173,973 shares of the company’s stock, valued at $1,795,401.36. The trade was a 29.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 86,043 shares of company stock valued at $901,317 over the last 90 days. 52.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NRDS. Covestor Ltd acquired a new position in shares of NerdWallet in the fourth quarter valued at $34,000. New York State Teachers Retirement System acquired a new position in shares of NerdWallet in the first quarter valued at $41,000. Tower Research Capital LLC TRC raised its stake in shares of NerdWallet by 37.1% in the second quarter. Tower Research Capital LLC TRC now owns 3,893 shares of the company’s stock valued at $43,000 after purchasing an additional 1,054 shares in the last quarter. Polymer Capital Management US LLC acquired a new position in shares of NerdWallet in the third quarter valued at $111,000. Finally, Olympiad Research LP bought a new stake in NerdWallet in the third quarter valued at $119,000. 38.81% of the stock is currently owned by institutional investors and hedge funds.

NerdWallet Stock Down 7.6%

The business has a 50-day simple moving average of $10.61 and a two-hundred day simple moving average of $12.09. The stock has a market capitalization of $563.97 million, a P/E ratio of 9.07 and a beta of 1.34.

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