Shares of NerdWallet, Inc. (NASDAQ:NRDS – Get Free Report) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $16.56, but opened at $14.99. NerdWallet shares last traded at $15.29, with a volume of 370,181 shares.
The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.14). The firm had revenue of $133.70 million during the quarter, compared to analysts’ expectations of $138.43 million. NerdWallet had a negative net margin of 0.10% and a negative return on equity of 0.17%. The firm’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 EPS.
Wall Street Analyst Weigh In
A number of analysts have weighed in on NRDS shares. KeyCorp upped their target price on NerdWallet from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Monday. Morgan Stanley lowered their target price on NerdWallet from $11.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, October 27th. Barclays upped their target price on NerdWallet from $16.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday. Truist Financial lowered their target price on NerdWallet from $20.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Finally, TheStreet upgraded NerdWallet from a “d+” rating to a “c-” rating in a report on Thursday, December 21st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.50.
Institutional Trading of NerdWallet
Several hedge funds and other institutional investors have recently made changes to their positions in NRDS. JPMorgan Chase & Co. purchased a new stake in shares of NerdWallet during the 1st quarter valued at $58,000. Citigroup Inc. increased its position in shares of NerdWallet by 395.9% in the 1st quarter. Citigroup Inc. now owns 26,796 shares of the company’s stock valued at $321,000 after acquiring an additional 21,393 shares during the period. Bank of Montreal Can acquired a new position in shares of NerdWallet in the 1st quarter valued at $235,000. Ergoteles LLC acquired a new position in shares of NerdWallet in the 1st quarter valued at $168,000. Finally, Renaissance Technologies LLC acquired a new position in shares of NerdWallet in the 1st quarter valued at $1,213,000. Hedge funds and other institutional investors own 36.22% of the company’s stock.
NerdWallet Trading Down 8.8 %
The firm has a 50-day moving average of $14.58 and a 200-day moving average of $11.31. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -1,656.00 and a beta of 1.44.
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. 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.