NerdWallet (NASDAQ:NRDS) Shares Gap Up on Insider Buying Activity

NerdWallet, Inc. (NASDAQ:NRDS)’s share price gapped up prior to trading on Thursday after an insider bought additional shares in the company. The stock had previously closed at $8.35, but opened at $8.83. NerdWallet shares last traded at $9.00, with a volume of 165,532 shares.

Specifically, CEO Tim Chao-Ming Chen purchased 23,938 shares of the stock in a transaction dated Monday, September 11th. The stock was acquired at an average cost of $8.40 per share, for a total transaction of $201,079.20. Following the acquisition, the chief executive officer now owns 688,523 shares of the company’s stock, valued at $5,783,593.20. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 45.89% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on NRDS shares. Truist Financial boosted their price objective on NerdWallet from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. KeyCorp reduced their price objective on NerdWallet from $22.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, August 3rd. Morgan Stanley reduced their price objective on NerdWallet from $12.00 to $11.00 and set an “equal weight” rating for the company in a research report on Friday, August 4th. Finally, Oppenheimer reduced their price objective on NerdWallet from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Thursday, August 3rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.67.

NerdWallet Price Performance

The business has a fifty day moving average of $9.45 and a 200-day moving average of $11.87. The stock has a market capitalization of $704.81 million, a price-to-earnings ratio of 900.00 and a beta of 1.51.

NerdWallet (NASDAQ:NRDS) last released its earnings results on Wednesday, August 2nd. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.11). NerdWallet had a negative return on equity of 1.93% and a net margin of 0.10%. The firm had revenue of $143.30 million for the quarter, compared to analyst estimates of $137.22 million. During the same period in the previous year, the firm earned ($0.14) earnings per share. NerdWallet’s revenue was up 14.5% on a year-over-year basis. As a group, research analysts anticipate that NerdWallet, Inc. will post -0.1 EPS for the current year.

Hedge Funds Weigh In On NerdWallet

A number of hedge funds and other institutional investors have recently modified their holdings of NRDS. Citigroup Inc. boosted its position in 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 acquiring an additional 4,247 shares during the period. JPMorgan Chase & Co. bought a new position in shares of NerdWallet in the 1st quarter valued at approximately $58,000. C M Bidwell & Associates Ltd. bought a new position in shares of NerdWallet in the 1st quarter valued at approximately $61,000. Quantbot Technologies LP bought a new position in shares of NerdWallet in the 1st quarter valued at approximately $63,000. Finally, Barclays PLC raised its stake in shares of NerdWallet by 542.6% in the 4th quarter. Barclays PLC now owns 6,979 shares of the company’s stock valued at $67,000 after acquiring an additional 5,893 shares in the last quarter. Institutional investors and hedge funds own 36.22% of the company’s stock.

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. 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.