Stock Buyback Plan Initiated by NerdWallet (NASDAQ:NRDS) Board

NerdWallet (NASDAQ:NRDS) declared that its board has initiated a stock buyback program on Tuesday, December 16th, RTT News reports. The company plans to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

NRDS has been the subject of several analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of NerdWallet in a report on Wednesday, October 8th. Barclays upped their target price on NerdWallet from $14.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Truist Financial increased their price target on NerdWallet from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Zacks Research raised NerdWallet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 10th. Finally, KeyCorp upped their price objective on shares of NerdWallet from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.40.

NerdWallet Price Performance

NerdWallet stock traded up $0.33 during trading hours on Tuesday, hitting $13.98. 813,381 shares of the stock traded hands, compared to its average volume of 830,926. The firm’s 50 day moving average price is $13.13 and its 200-day moving average price is $11.56. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 14.56 and a beta of 1.42. NerdWallet has a 1 year low of $7.55 and a 1 year high of $16.24.

NerdWallet (NASDAQ:NRDS) last released its earnings results on Thursday, November 6th. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.14. NerdWallet had a return on equity of 9.27% and a net margin of 9.22%.The firm had revenue of $215.10 million during the quarter, compared to the consensus estimate of $193.31 million. The company’s revenue for the quarter was up 12.4% compared to the same quarter last year. Research analysts forecast that NerdWallet will post 0.36 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Nicholas Tatum sold 4,272 shares of the company’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $10.76, for a total value of $45,966.72. Following the sale, the chief accounting officer owned 68,020 shares in the company, valued at $731,895.20. This represents a 5.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Samuel Yount sold 15,945 shares of NerdWallet stock in a transaction that occurred 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 represents a 4.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 48,503 shares of company stock valued at $715,244. Insiders own 45.93% of the company’s stock.

NerdWallet Company Profile

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.