NerdWallet (NASDAQ:NRDS) Stock Gets Price Target Reduction from Citigroup

NerdWallet (NASDAQ:NRDS) had its price objective lowered by Citigroup from $11.00 to $8.50 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research firms have also issued reports on NRDS. Weiss Ratings raised shares of NerdWallet from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 15th. William Blair downgraded shares of NerdWallet from an “outperform” rating to a “market perform” rating in a research note on Friday, November 6th. Finally, Truist Financial decreased their price target on shares of NerdWallet from $15.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, November 6th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $10.90.

NerdWallet Price Performance

Shares of NASDAQ:NRDS opened at $7.31 on Tuesday. The business’s 50 day moving average price is $9.52 and its 200-day moving average price is $9.69. The firm has a market capitalization of $467.26 million, a PE ratio of 9.87 and a beta of 1.20. NerdWallet has a 1 year low of $7.26 and a 1 year high of $16.24.

NerdWallet (NASDAQ:NRDS) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.11). NerdWallet had a return on equity of 15.56% and a net margin of 6.06%. The firm had revenue of $239.60 million for the quarter, compared to analysts’ expectations of $251.86 million. During the same quarter in the previous year, the firm posted $0.34 earnings per share. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, analysts expect that NerdWallet will post 0.74 earnings per share for the current year.

Institutional Trading of NerdWallet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ieq Capital LLC purchased a new stake in shares of NerdWallet in the third quarter valued at about $143,000. Russell Investments Group Ltd. raised its stake in NerdWallet by 97.0% during the third quarter. Russell Investments Group Ltd. now owns 176,576 shares of the company’s stock worth $1,550,000 after purchasing an additional 86,927 shares during the period. Ritholtz Wealth Management purchased a new position in NerdWallet during the third quarter worth about $378,000. Alps Advisors Inc. purchased a new position in NerdWallet during the third quarter worth about $536,000. Finally, State of Wyoming boosted its holdings in NerdWallet by 10.3% in the 3rd quarter. State of Wyoming now owns 29,785 shares of the company’s stock valued at $262,000 after purchasing an additional 2,778 shares during the last quarter. 38.81% of the stock is owned by institutional investors and hedge funds.

About NerdWallet

NerdWallet, Inc. is a personal finance company that operates a digital platform to help consumers make financial decisions. Its website and mobile app provide educational content, comparison tools and recommendations across products such as credit cards, banking, mortgages, personal loans, insurance and investing services. The company was founded in 2009 by Tim Chen and offers services primarily in the United States, as well as in Canada and the United Kingdom. NerdWallet also serves small and midsize businesses with financial information and product recommendations.