Citigroup Lowers NerdWallet (NASDAQ:NRDS) Price Target to $11.00

Key Points

• Citigroup cut NerdWallet’s price target from $13 to $11 while keeping a neutral rating, implying about 24% upside from the current share price.
• Other analysts have also trimmed their targets recently, and the stock now has a Hold consensus rating with an average price target of $13.83.
• NerdWallet shares fell 3.1% to $8.86, even as the company recently beat EPS estimates in its latest earnings report; insider selling was also noted in recent months.

NerdWallet (NASDAQ:NRDS - Get Free Report) had its price target dropped by equities researchers at Citigroup from $13.00 to $11.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Citigroup's target price would suggest a potential upside of 24.14% from the company's current price.

A number of other brokerages have also recently issued reports on NRDS. Truist Financial decreased their target price on NerdWallet from $19.00 to $18.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. KeyCorp decreased their target price on NerdWallet from $15.00 to $13.00 and set an "overweight" rating for the company in a research report on Friday. Oppenheimer decreased their target price on NerdWallet from $18.00 to $15.00 and set an "outperform" rating for the company in a research report on Wednesday, March 4th. Wall Street Zen cut NerdWallet from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 2nd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of NerdWallet in a research report on Monday, May 4th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, NerdWallet has a consensus rating of "Hold" and an average target price of $13.83.

NerdWallet Trading Down 3.1%

NerdWallet stock traded down $0.28 during trading hours on Monday, reaching $8.86. 293,017 shares of the company were exchanged, compared to its average volume of 889,944. The firm has a market cap of $591.83 million, a price-to-earnings ratio of 9.56 and a beta of 1.34. The stock has a 50-day moving average of $10.61 and a 200 day moving average of $12.09. NerdWallet has a 12 month low of $8.42 and a 12 month high of $16.24.

NerdWallet (NASDAQ:NRDS - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.04. The firm had revenue of $222.20 million during the quarter, compared to analysts' expectations of $227.63 million. NerdWallet had a return on equity of 18.33% and a net margin of 8.11%.The business's revenue was up 6.2% compared to the same quarter last year. As a group, research analysts forecast that NerdWallet will post 0.85 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Nicholas Tatum sold 10,151 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $11.45, for a total value of $116,228.95. Following the completion of the transaction, the chief accounting officer directly owned 47,202 shares in the company, valued at approximately $540,462.90. This represents a 17.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Samuel Yount sold 71,988 shares of the company's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $10.32, for a total value of $742,916.16. Following the completion of the transaction, the insider owned 173,973 shares of the company's stock, valued at $1,795,401.36. The trade was a 29.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 86,043 shares of company stock valued at $901,317 over the last 90 days. 52.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Covestor Ltd acquired a new position in NerdWallet during the fourth quarter worth $34,000. New York State Teachers Retirement System acquired a new position in NerdWallet during the first quarter worth $41,000. Tower Research Capital LLC TRC raised its stake in NerdWallet by 37.1% during the second quarter. Tower Research Capital LLC TRC now owns 3,893 shares of the company's stock worth $43,000 after acquiring an additional 1,054 shares in the last quarter. Polymer Capital Management US LLC acquired a new position in NerdWallet during the third quarter worth $111,000. Finally, Olympiad Research LP acquired a new stake in NerdWallet during the 3rd quarter valued at $119,000. 38.81% of the stock is currently owned by institutional investors and hedge funds.

About NerdWallet

NerdWallet NASDAQ: NRDS is a personal finance company that offers independent guidance and comparison tools to help consumers make informed financial decisions. Through its website and mobile application, NerdWallet provides a wide range of content, including articles, calculators and reviews covering credit cards, mortgages, personal loans, banking products, investing, insurance and taxes. The platform aggregates partner offers to enable side-by-side comparisons, while editorially maintaining objectivity to support users in identifying the products that best suit their individual needs.

Founded in 2009 by Tim Chen and Jacob Gibson, NerdWallet is headquartered in San Francisco and serves consumers primarily in the United States, with additional localized offerings in Canada and the United Kingdom.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.