NerdWallet (NASDAQ:NRDS) Sees Unusually-High Trading Volume After Analyst Upgrade

NerdWallet, Inc. (NASDAQ:NRDS) saw an uptick in 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. 624,750 shares were traded during 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.

A number of other research analysts also recently issued reports on the stock. KeyCorp boosted their price objective on shares of NerdWallet from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Morgan Stanley boosted their price target on shares of NerdWallet from $14.00 to $15.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.60.

Insider Buying and Selling at NerdWallet

In other NerdWallet news, CFO Lauren Stclair sold 11,856 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $14.04, for a total transaction of $166,458.24. Following the completion of the transaction, the chief financial officer now owns 313,100 shares of the company’s stock, valued at approximately $4,395,924. This trade represents a 3.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Samuel Yount sold 154,465 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $13.14, for a total value of $2,029,670.10. Following the completion of the sale, the insider now directly owns 409,147 shares in the company, valued at approximately $5,376,191.58. This represents a 27.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 822,353 shares of company stock valued at $11,051,439. 45.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NerdWallet

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

NerdWallet Price Performance

The company has a market cap of $858.29 million, a P/E ratio of -83.20 and a beta of 1.33. The company’s 50-day moving average is $13.84 and its two-hundred day moving average is $13.23.

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

About NerdWallet

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.