Wall Street Zen Downgrades NerdWallet (NASDAQ:NRDS) to Buy
by Danessa Lincoln · The Markets DailyNerdWallet (NASDAQ:NRDS – Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.
A number of other equities research analysts have also issued reports on the stock. Zacks Research raised shares of NerdWallet from a “strong sell” rating to a “hold” rating in a report on Friday, March 27th. Oppenheimer lowered their target price on shares of NerdWallet from $18.00 to $15.00 and set an “outperform” rating on the stock in a report on Wednesday, March 4th. Truist Financial dropped their target price on shares of NerdWallet from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, Morgan Stanley cut shares of NerdWallet from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $14.00 to $9.00 in a research note on Friday, March 13th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, NerdWallet currently has a consensus rating of “Hold” and a consensus target price of $14.33.
Check Out Our Latest Research Report on NerdWallet
NerdWallet Price Performance
NASDAQ:NRDS opened at $10.40 on Friday. The business’s 50-day simple moving average is $10.58 and its two-hundred day simple moving average is $12.11. NerdWallet has a 52 week low of $7.55 and a 52 week high of $16.24. The stock has a market cap of $694.62 million, a PE ratio of 16.25 and a beta of 1.42.
NerdWallet (NASDAQ:NRDS – Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The firm had revenue of $225.40 million during the quarter, compared to analyst estimates of $211.37 million. NerdWallet had a return on equity of 12.66% and a net margin of 5.82%.The business’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 earnings per share. Sell-side analysts anticipate that NerdWallet will post 0.36 earnings per share for the current fiscal year.
NerdWallet declared that its board has authorized a stock repurchase plan on Tuesday, December 16th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to buy up to 5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Insider Buying and Selling
In other news, insider Samuel Yount sold 71,988 shares of the stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $10.32, for a total transaction of $742,916.16. Following the completion of the transaction, the insider directly owned 173,973 shares in the company, valued at approximately $1,795,401.36. This represents a 29.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Nicholas Tatum sold 10,151 shares of the firm’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $11.45, for a total transaction of $116,228.95. Following the completion of the transaction, the chief accounting officer directly owned 47,202 shares of the company’s stock, valued at approximately $540,462.90. This trade represents a 17.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 86,043 shares of company stock worth $901,317. Corporate insiders own 46.54% of the company’s stock.
Hedge Funds Weigh In On NerdWallet
Several institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its holdings in shares of NerdWallet by 37.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,893 shares of the company’s stock worth $43,000 after buying an additional 1,054 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of NerdWallet by 9.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,659 shares of the company’s stock valued at $249,000 after acquiring an additional 1,934 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of NerdWallet by 12.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 19,576 shares of the company’s stock valued at $215,000 after acquiring an additional 2,161 shares during the last quarter. AQR Capital Management LLC grew its position in NerdWallet by 1.3% in the fourth quarter. AQR Capital Management LLC now owns 184,082 shares of the company’s stock worth $2,494,000 after acquiring an additional 2,316 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in NerdWallet by 7.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,545 shares of the company’s stock worth $482,000 after acquiring an additional 2,447 shares in the last quarter. Institutional investors 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.