NerdWallet (NASDAQ:NRDS) Shares Down 5.9% Following Analyst Downgrade

NerdWallet, Inc. (NASDAQ:NRDS) traded down 5.9% on Monday after KeyCorp lowered their price target on the stock from $18.00 to $14.00. KeyCorp currently has an overweight rating on the stock. NerdWallet traded as low as $8.53 and last traded at $8.54. 212,510 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 557,157 shares. The stock had previously closed at $9.08.

A number of other analysts have also commented on the stock. Morgan Stanley lowered their target price on shares of NerdWallet from $15.00 to $12.00 and set an “equal weight” rating for the company in a report on Monday, February 24th. Barclays lifted their price objective on NerdWallet from $17.00 to $19.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Finally, Citigroup cut their target price on NerdWallet from $14.00 to $11.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 29th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, NerdWallet presently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Institutional Trading of NerdWallet

Several hedge funds have recently modified their holdings of NRDS. KLP Kapitalforvaltning AS acquired a new stake in NerdWallet in the 4th quarter valued at $80,000. US Bancorp DE lifted its position in shares of NerdWallet by 41.2% during the 4th quarter. US Bancorp DE now owns 9,592 shares of the company’s stock worth $128,000 after buying an additional 2,800 shares in the last quarter. AXQ Capital LP purchased a new position in NerdWallet in the fourth quarter worth $138,000. Point72 Asia Singapore Pte. Ltd. grew its position in 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 buying an additional 10,218 shares during the period. Finally, RHS Financial LLC purchased a new stake in shares of NerdWallet during the 1st quarter worth approximately $100,000. Institutional investors own 38.81% of the company’s stock.

NerdWallet Price Performance

The company has a 50 day simple moving average of $8.98 and a 200-day simple moving average of $12.03. The stock has a market capitalization of $628.44 million, a P/E ratio of 21.20 and a beta of 1.41.

NerdWallet (NASDAQ:NRDS) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. NerdWallet had a net margin of 4.42% and a negative return on equity of 2.08%. The firm had revenue of $183.80 million for the quarter, compared to analysts’ expectations of $168.33 million. As a group, equities analysts forecast that NerdWallet, Inc. will post 0.36 earnings per share for the current fiscal year.

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. 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.