NerdWallet (NASDAQ:NRDS) Hits New 52-Week Low After Analyst Downgrade

NerdWallet, Inc. (NASDAQ:NRDS)’s share price hit a new 52-week low during mid-day trading on Wednesday after Citigroup lowered their price target on the stock from $14.00 to $11.00. Citigroup currently has a neutral rating on the stock. NerdWallet traded as low as $8.69 and last traded at $8.96, with a volume of 468582 shares traded. The stock had previously closed at $9.09.

Several other equities analysts have also recently issued reports on NRDS. Morgan Stanley lowered their target price on shares of NerdWallet from $15.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Monday, February 24th. Barclays increased their price target on NerdWallet from $17.00 to $19.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.00.

Institutional Trading of NerdWallet

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. KLP Kapitalforvaltning AS bought a new stake in NerdWallet during the 4th quarter valued at about $80,000. US Bancorp DE increased its position in shares of NerdWallet by 41.2% during the fourth quarter. US Bancorp DE now owns 9,592 shares of the company’s stock worth $128,000 after acquiring an additional 2,800 shares during the period. AXQ Capital LP purchased a new position in shares of NerdWallet during the fourth quarter worth approximately $138,000. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of NerdWallet by 3,417.4% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,517 shares of the company’s stock valued at $140,000 after acquiring an additional 10,218 shares in the last quarter. Finally, RHS Financial LLC purchased a new stake in shares of NerdWallet in the first quarter valued at approximately $100,000. Hedge funds and other institutional investors own 38.81% of the company’s stock.

NerdWallet Stock Up 0.8 %

The firm has a 50 day moving average of $9.01 and a 200-day moving average of $12.06. The company has a market cap of $669.20 million, a P/E ratio of 22.58 and a beta of 1.41.

NerdWallet (NASDAQ:NRDS) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.01. The business had revenue of $183.80 million for the quarter, compared to the consensus estimate of $168.33 million. NerdWallet had a negative return on equity of 2.08% and a net margin of 4.42%. On average, research analysts predict that NerdWallet, Inc. will post 0.36 EPS for the current fiscal 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.