Principal Financial Group Inc. Purchases New Stake in NerdWallet, Inc. $NRDS

Principal Financial Group Inc. acquired a new position in shares of NerdWallet, Inc. (NASDAQ:NRDS) during the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 279,640 shares of the company’s stock, valued at approximately $2,903,000.

A number of other hedge funds have also recently made changes to their positions in NRDS. AQR Capital Management LLC increased its position in shares of NerdWallet by 80.6% during the first quarter. AQR Capital Management LLC now owns 40,432 shares of the company’s stock worth $366,000 after acquiring an additional 18,047 shares in the last quarter. Millennium Management LLC lifted its position in NerdWallet by 23.9% in the 1st quarter. Millennium Management LLC now owns 867,113 shares of the company’s stock valued at $7,847,000 after acquiring an additional 166,984 shares in the last quarter. Creative Planning acquired a new position in NerdWallet during the 2nd quarter valued at about $177,000. JPMorgan Chase & Co. boosted its stake in NerdWallet by 12.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 19,576 shares of the company’s stock valued at $215,000 after purchasing an additional 2,161 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in NerdWallet by 7.7% during the 2nd quarter. Legal & General Group Plc now owns 45,986 shares of the company’s stock worth $504,000 after purchasing an additional 3,300 shares in the last quarter. 38.81% of the stock is currently owned by institutional investors and hedge funds.

NerdWallet Trading Up 0.3%

NRDS stock opened at $9.61 on Thursday. The stock has a market cap of $632.34 million, a P/E ratio of 10.33 and a beta of 1.23. The stock’s fifty day simple moving average is $8.83 and its two-hundred day simple moving average is $10.02. NerdWallet, Inc. has a 1-year low of $7.33 and a 1-year high of $16.24.

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on NRDS. KeyCorp lowered their price objective on NerdWallet from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Weiss Ratings downgraded NerdWallet from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 21st. Truist Financial lowered their price target on NerdWallet from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Zacks Research upgraded NerdWallet from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Finally, Citigroup reduced their target price on shares of NerdWallet from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday, May 11th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.83.

Insider Buying and Selling

In other NerdWallet news, major shareholder Topline Capital Partners, Lp sold 454,872 shares of the business’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $9.27, for a total value of $4,216,663.44. Following the transaction, the insider directly owned 3,289,285 shares in the company, valued at $30,491,671.95. The trade was a 12.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 1,961,860 shares of company stock valued at $17,862,921 over the last 90 days. Insiders own 52.75% of the company’s stock.

NerdWallet 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.