NerdWallet (NASDAQ:NRDS) Shares Gap Down – Here’s Why

NerdWallet, Inc. (NASDAQ:NRDS) shares gapped down prior to trading on Thursday . The stock had previously closed at $11.20, but opened at $9.15. NerdWallet shares last traded at $9.4940, with a volume of 302,976 shares.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NRDS shares. Oppenheimer dropped their price objective 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. Weiss Ratings restated a “hold (c)” rating on shares of NerdWallet in a research note on Monday. Truist Financial decreased their target price on shares of NerdWallet from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Wall Street Zen cut shares of NerdWallet from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Zacks Research cut shares of NerdWallet from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, NerdWallet currently has an average rating of “Hold” and a consensus price target of $14.40.

NerdWallet Trading Down 6.4%

The company has a market cap of $610.46 million, a P/E ratio of 9.83 and a beta of 1.34. The business’s 50 day simple moving average is $10.61 and its 200 day simple moving average is $12.09.

NerdWallet (NASDAQ:NRDS) last released its earnings results on Wednesday, May 6th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. NerdWallet had a net margin of 8.11% and a return on equity of 18.33%. The company had revenue of $222.20 million for the quarter, compared to analysts’ expectations of $227.63 million. The business’s revenue was up 6.2% on a year-over-year basis. Sell-side analysts anticipate that NerdWallet, Inc. will post 0.83 EPS for the current year.

Insider Activity at NerdWallet

In other news, CAO Nicholas Tatum sold 10,151 shares of NerdWallet stock in a transaction that occurred 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 sale, the chief accounting officer owned 47,202 shares in the company, valued at $540,462.90. This trade represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Samuel Yount sold 71,988 shares of NerdWallet stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $10.32, for a total transaction of $742,916.16. Following the sale, the insider owned 173,973 shares in the company, valued at approximately $1,795,401.36. The trade was a 29.27% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 86,043 shares of company stock worth $901,317. Company insiders own 52.75% of the company’s stock.

Institutional Investors Weigh In On NerdWallet

Institutional investors and hedge funds have recently modified their holdings of the stock. Covestor Ltd bought a new stake in shares of NerdWallet during the fourth quarter valued at approximately $34,000. New York State Teachers Retirement System bought a new stake in shares of NerdWallet during the first quarter valued at approximately $41,000. Tower Research Capital LLC TRC raised its position in shares of NerdWallet by 37.1% during the second quarter. Tower Research Capital LLC TRC now owns 3,893 shares of the company’s stock valued at $43,000 after buying an additional 1,054 shares during the last quarter. Polymer Capital Management US LLC bought a new stake in shares of NerdWallet during the third quarter valued at approximately $111,000. Finally, Olympiad Research LP bought a new stake in shares of NerdWallet during the third quarter valued at approximately $119,000. Institutional investors own 38.81% of the company’s stock.

About NerdWallet

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.