NerdWallet (NASDAQ:NRDS) Shares Gap Down After Analyst Downgrade

Posted by Defense World Staff on May 4th, 2023

NerdWallet, Inc. (NASDAQ:NRDS – Get Rating)’s stock price gapped down before the market opened on Wednesday after Truist Financial lowered their price target on the stock from $27.00 to $20.00. The stock had previously closed at $12.50, but opened at $11.11. NerdWallet shares last traded at $10.38, with a volume of 958,941 shares.

A number of other analysts have also recently issued reports on NRDS. William Blair reissued an “outperform” rating on shares of NerdWallet in a research report on Wednesday, January 4th. Barclays decreased their target price on NerdWallet from $21.00 to $18.00 in a research report on Wednesday. Morgan Stanley decreased their target price on NerdWallet from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, April 13th. Citigroup cut NerdWallet from a “buy” rating to a “neutral” rating and decreased their target price for the company from $15.00 to $14.00 in a research report on Wednesday. Finally, KeyCorp upped their target price on NerdWallet from $18.00 to $25.00 and gave the company an “overweight” rating in a research report on Thursday, March 2nd. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Insiders Place Their Bets

In other NerdWallet news, insider Kevin Yuann sold 2,450 shares of the stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $20.00, for a total transaction of $49,000.00. Following the completion of the sale, the insider now directly owns 197,214 shares of the company’s stock, valued at approximately $3,944,280. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 45.89% of the stock is owned by insiders.

Institutional Trading of NerdWallet

A number of hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in shares of NerdWallet by 8.7% during the 4th quarter. JPMorgan Chase & Co. now owns 15,223 shares of the company’s stock worth $146,000 after buying an additional 1,224 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of NerdWallet by 64.4% during the 2nd quarter. Quantbot Technologies LP now owns 8,667 shares of the company’s stock worth $68,000 after buying an additional 3,394 shares in the last quarter. State of Wyoming raised its stake in shares of NerdWallet by 32.1% during the 4th quarter. State of Wyoming now owns 15,562 shares of the company’s stock worth $149,000 after buying an additional 3,785 shares in the last quarter. UBS Group AG raised its stake in shares of NerdWallet by 42.5% during the 4th quarter. UBS Group AG now owns 13,083 shares of the company’s stock worth $126,000 after buying an additional 3,902 shares in the last quarter. Finally, Citigroup Inc. raised its stake in shares of NerdWallet by 1,094.6% during the 4th quarter. Citigroup Inc. now owns 4,635 shares of the company’s stock worth $44,000 after buying an additional 4,247 shares in the last quarter. 31.22% of the stock is owned by institutional investors and hedge funds.

NerdWallet Trading Down 22.4 %

The firm has a market capitalization of $735.67 million, a PE ratio of -57.06 and a beta of 1.53. The business has a 50 day moving average price of $16.48 and a 200-day moving average price of $13.43.

NerdWallet (NASDAQ:NRDS – Get Rating) last issued its earnings results on Tuesday, February 14th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The business had revenue of $142.00 million during the quarter, compared to the consensus estimate of $138.59 million. NerdWallet had a negative return on equity of 5.94% and a negative net margin of 1.89%. On average, equities research analysts forecast that NerdWallet, Inc. will post 0.08 earnings per share for the current year.

About NerdWallet

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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. The company's platform offers guidance to consumers through educational content, tools and calculators, and product marketplaces, as well as NerdWallet app for various financial products, including credit cards, mortgages, insurance, SMB products, personal loans, banking, investing, and student loans.