NerdWallet, Inc. (NASDAQ:NRDS – Get Rating) was the target of a significant drop in short interest in May. As of May 15th, there was short interest totalling 1,320,000 shares, a drop of 26.3% from the April 30th total of 1,790,000 shares. Based on an average daily trading volume, of 282,500 shares, the days-to-cover ratio is presently 4.7 days. Currently, 6.1% of the shares of the company are sold short.
In other NerdWallet news, insider Kevin Yuann sold 3,524 shares of the company’s stock in a transaction on Monday, May 9th. The shares were sold at an average price of $8.08, for a total transaction of $28,473.92. Following the completion of the sale, the insider now owns 223,116 shares in the company, valued at approximately $1,802,777.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Tim Chao-Ming Chen purchased 13,794 shares of NerdWallet stock in a transaction dated Wednesday, March 9th. The stock was bought at an average price of $11.33 per share, for a total transaction of $156,286.02. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 84,900 shares of company stock worth $852,925. 49.56% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP purchased a new position in shares of NerdWallet during the first quarter worth about $63,000. Goldman Sachs Group Inc. purchased a new position in shares of NerdWallet during the 1st quarter valued at about $326,000. State Street Corp purchased a new position in NerdWallet in the 1st quarter worth $301,000. Renaissance Technologies LLC purchased a new position in shares of NerdWallet in the first quarter worth about $1,213,000. Finally, Ergoteles LLC purchased a new stake in shares of NerdWallet during the first quarter valued at approximately $168,000. Institutional investors own 49.04% of the company’s stock.
NRDS has been the subject of a number of research analyst reports. KeyCorp reduced their target price on shares of NerdWallet from $35.00 to $30.00 and set an “overweight” rating for the company in a research note on Friday, February 25th. Citigroup decreased their price objective on NerdWallet from $30.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, March 15th. Oppenheimer reduced their price target on NerdWallet from $30.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday, February 25th. Finally, Morgan Stanley cut their price objective on shares of NerdWallet from $17.00 to $13.50 and set an “equal weight” rating on the stock in a research report on Monday, February 28th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $24.93.
NRDS stock traded up $1.09 during midday trading on Monday, reaching $11.33. 13,281 shares of the company’s stock traded hands, compared to its average volume of 275,952. The firm’s fifty day moving average price is $10.35 and its 200-day moving average price is $13.44. NerdWallet has a 52 week low of $7.07 and a 52 week high of $34.44.
NerdWallet (NASDAQ:NRDS – Get Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.02). The firm had revenue of $129.10 million during the quarter, compared to analysts’ expectations of $123.28 million. On average, equities analysts predict that NerdWallet will post -0.27 earnings per share for the current fiscal year.
About NerdWallet (Get Rating)
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. 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.