NerdWallet (NASDAQ:NRDS) Sees Strong Trading Volume Following Analyst Upgrade

NerdWallet, Inc. (NASDAQ:NRDS) saw unusually-strong trading volume on Thursday after Barclays raised their price target on the stock from $17.00 to $19.00. Barclays currently has an overweight rating on the stock. Approximately 624,750 shares changed hands during mid-day trading, an increase of 67% from the previous session’s volume of 373,900 shares.The stock last traded at $11.85 and had previously closed at $13.98.

NRDS has been the subject of several other research reports. KeyCorp increased their target price on shares of NerdWallet from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Morgan Stanley increased their price objective on shares of NerdWallet from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, NerdWallet currently has an average rating of “Moderate Buy” and an average target price of $17.60.

Insider Buying and Selling

In related news, insider Samuel Yount sold 440,336 shares of NerdWallet stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $13.49, for a total value of $5,940,132.64. Following the sale, the insider now owns 254,237 shares of the company’s stock, valued at approximately $3,429,657.13. The trade was a 63.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Lauren Stclair sold 11,856 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $14.04, for a total value of $166,458.24. Following the completion of the sale, the chief financial officer now directly owns 313,100 shares of the company’s stock, valued at $4,395,924. This represents a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 822,353 shares of company stock valued at $11,051,439. 45.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Topline Capital Management LLC purchased a new stake in NerdWallet during the fourth quarter valued at about $69,840,000. Quinn Opportunity Partners LLC lifted its stake in shares of NerdWallet by 3,324.4% during the 4th quarter. Quinn Opportunity Partners LLC now owns 893,781 shares of the company’s stock valued at $11,887,000 after buying an additional 867,681 shares in the last quarter. Alta Fox Capital Management LLC bought a new position in NerdWallet in the 4th quarter worth approximately $10,761,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in NerdWallet by 157.3% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 908,468 shares of the company’s stock valued at $12,083,000 after buying an additional 555,329 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in NerdWallet by 325.8% during the 4th quarter. Millennium Management LLC now owns 700,129 shares of the company’s stock valued at $9,312,000 after acquiring an additional 535,701 shares during the period. Institutional investors own 38.81% of the company’s stock.

NerdWallet Trading Down 16.4 %

The business’s fifty day simple moving average is $13.84 and its 200-day simple moving average is $13.23. The firm has a market cap of $858.29 million, a P/E ratio of -83.20 and a beta of 1.33.

NerdWallet (NASDAQ:NRDS) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. NerdWallet had a negative return on equity of 2.90% and a negative net margin of 1.65%. The business had revenue of $183.80 million for the quarter, compared to analysts’ expectations of $168.33 million. As a group, research analysts expect that NerdWallet, Inc. will post -0.11 earnings per share for the current fiscal year.

NerdWallet Company Profile

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 in the United States, the United Kingdom, Australia, and Canada. Its platform offers guidance to consumers through educational content, tools and calculators, and product marketplaces, as well as through NerdWallet app for various financial products, including credit cards, mortgages, insurance, SMB products, personal loans, banking, investing, and student loans.