NerdWallet (NASDAQ:NRDS) Shares Gap Up – Here’s What Happened

NerdWallet, Inc. (NASDAQ:NRDS)’s share price gapped up before the market opened on Friday . The stock had previously closed at $8.84, but opened at $9.74. NerdWallet shares last traded at $9.5350, with a volume of 153,787 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on NRDS shares. Truist Financial reduced their price target on shares of NerdWallet from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Weiss Ratings cut NerdWallet from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 21st. KeyCorp cut their target price on NerdWallet from $15.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Oppenheimer decreased their price target on NerdWallet from $15.00 to $12.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. Finally, Zacks Research upgraded NerdWallet from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, NerdWallet currently has a consensus rating of “Hold” and an average price target of $12.83.

NerdWallet Stock Performance

The company has a market capitalization of $641.88 million, a price-to-earnings ratio of 10.46 and a beta of 1.23. The stock’s fifty day simple moving average is $8.91 and its two-hundred day simple moving average is $9.85.

NerdWallet (NASDAQ:NRDS) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.02). NerdWallet had a return on equity of 18.33% and a net margin of 8.11%.The business had revenue of $197.30 million during the quarter, compared to analyst estimates of $195.30 million. During the same period in the prior year, the firm earned $0.11 EPS. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, equities analysts anticipate that NerdWallet, Inc. will post 0.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Topline Capital Partners, Lp sold 454,872 shares of the firm’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $9.27, for a total transaction of $4,216,663.44. Following the completion of the sale, the insider directly owned 3,289,285 shares in the company, valued at approximately $30,491,671.95. This trade represents a 12.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 1,961,860 shares of company stock worth $17,862,921 in the last ninety days. Company insiders own 52.75% of the company’s stock.

Institutional Investors Weigh In On NerdWallet

A number of institutional investors and hedge funds have recently modified their holdings of the stock. UBS Group AG lifted its position in shares of NerdWallet by 52.2% in the 4th quarter. UBS Group AG now owns 489,591 shares of the company’s stock valued at $6,634,000 after acquiring an additional 167,954 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in NerdWallet during the 3rd quarter worth approximately $2,812,000. Principal Financial Group Inc. acquired a new stake in NerdWallet during the 1st quarter valued at $2,903,000. Renaissance Technologies LLC raised its stake in NerdWallet by 25.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,002,275 shares of the company’s stock valued at $10,404,000 after purchasing an additional 202,838 shares during the period. Finally, OP Asset Management Ltd purchased a new stake in shares of NerdWallet in the first quarter valued at $6,957,000. 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.