NerdWallet (NASDAQ:NRDS) Stock Gets Downgrade from Oppenheimer

NerdWallet (NASDAQ:NRDS) was downgraded by Oppenheimer from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, MarketBeat reports.

Other research analysts have also recently issued research reports about the company. Citigroup lowered their price objective on NerdWallet from $11.00 to $8.50 and set a “neutral” rating for the company in a research note on Tuesday, November 10th. Weiss Ratings raised NerdWallet from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 15th. William Blair downgraded NerdWallet from an “outperform” rating to a “market perform” rating in a report on Friday, November 6th. Finally, Truist Financial reduced their price target on NerdWallet from $15.00 to $12.00 and set a “buy” rating for the company in a report on Friday, November 6th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $10.90.

NerdWallet Stock Performance

Shares of NRDS traded up $0.15 during mid-day trading on Friday, reaching $7.46. The company had a trading volume of 1,000,683 shares, compared to its average volume of 1,046,116. The firm has a 50-day moving average price of $9.47 and a 200 day moving average price of $9.67. NerdWallet has a 52 week low of $7.25 and a 52 week high of $16.24. The company has a market capitalization of $472.96 million, a price-to-earnings ratio of 9.56 and a beta of 1.20.

NerdWallet (NASDAQ:NRDS) last posted its quarterly earnings results on Thursday, November 5th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.11). NerdWallet had a return on equity of 15.56% and a net margin of 6.06%. The company had revenue of $239.60 million during the quarter, compared to analysts’ expectations of $251.86 million. During the same quarter in the previous year, the company earned $0.34 EPS. The business’s quarterly revenue was up 11.4% on a year-over-year basis. As a group, research analysts forecast that NerdWallet will post 0.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Entropy Technologies LP lifted its position in NerdWallet by 146.7% during the third quarter. Entropy Technologies LP now owns 42,720 shares of the company’s stock valued at $375,000 after purchasing an additional 25,406 shares during the period. Empowered Funds LLC boosted its holdings in NerdWallet by 10.1% in the third quarter. Empowered Funds LLC now owns 145,456 shares of the company’s stock worth $1,277,000 after purchasing an additional 13,320 shares during the last quarter. Ieq Capital LLC purchased a new stake in NerdWallet in the third quarter worth approximately $143,000. Russell Investments Group Ltd. boosted its holdings in NerdWallet by 97.0% in the third quarter. Russell Investments Group Ltd. now owns 176,576 shares of the company’s stock worth $1,550,000 after purchasing an additional 86,927 shares during the last quarter. Finally, Ritholtz Wealth Management bought a new stake in NerdWallet in the 3rd quarter worth approximately $378,000. 38.81% of the stock is owned by hedge funds and other institutional investors.

About NerdWallet

NerdWallet, Inc. is a personal finance company that operates a digital platform to help consumers make financial decisions. Its website and mobile app provide educational content, comparison tools and recommendations across products such as credit cards, banking, mortgages, personal loans, insurance and investing services. The company was founded in 2009 by Tim Chen and offers services primarily in the United States, as well as in Canada and the United Kingdom. NerdWallet also serves small and midsize businesses with financial information and product recommendations.