Arrowstreet Capital Limited Partnership Increases Stock Holdings in NerdWallet, Inc. $NRDS

Key Points

• Arrowstreet Capital increased its NerdWallet stake by 32.5% in the first quarter, acquiring 444,038 additional shares to own 1.81 million shares worth approximately $18.8 million, or 2.71% of the company.
• Institutional ownership remains significant at 38.81%, with Vanguard, Dimensional Fund Advisors, State Street, Millennium Management and Renaissance Technologies also reporting holdings increases.
• Analyst sentiment is mixed: NerdWallet has a consensus “Hold” rating and an average price target of $12.83, while several firms recently cut their targets. The company beat first-quarter EPS estimates but missed revenue expectations, and insiders sold nearly 2 million shares during the last quarter.

Arrowstreet Capital Limited Partnership raised its stake in shares of NerdWallet, Inc. (NASDAQ:NRDS - Free Report) by 32.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,808,988 shares of the company's stock after acquiring an additional 444,038 shares during the period. Arrowstreet Capital Limited Partnership owned about 2.71% of NerdWallet worth $18,777,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of NRDS. Vanguard Group Inc. raised its stake in shares of NerdWallet by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 3,994,180 shares of the company's stock worth $42,977,000 after purchasing an additional 48,205 shares during the period. Dimensional Fund Advisors LP increased its holdings in NerdWallet by 13.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,322,848 shares of the company's stock worth $13,730,000 after buying an additional 153,790 shares during the last quarter. State Street Corp increased its holdings in NerdWallet by 3.2% during the fourth quarter. State Street Corp now owns 922,142 shares of the company's stock worth $12,495,000 after buying an additional 28,844 shares during the last quarter. Millennium Management LLC raised its position in NerdWallet by 23.9% in the first quarter. Millennium Management LLC now owns 867,113 shares of the company's stock worth $7,847,000 after acquiring an additional 166,984 shares during the period. Finally, Renaissance Technologies LLC raised its position in NerdWallet by 9.6% in the fourth quarter. Renaissance Technologies LLC now owns 799,437 shares of the company's stock worth $10,832,000 after acquiring an additional 70,337 shares during the period. 38.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. KeyCorp dropped their price objective on shares of NerdWallet from $15.00 to $13.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. Wall Street Zen downgraded shares of NerdWallet from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings lowered shares of NerdWallet from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, May 21st. Truist Financial dropped their price target on shares of NerdWallet from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. Finally, Citigroup cut their price objective on shares of NerdWallet from $13.00 to $11.00 and set a "neutral" rating for the company in a report on Monday, May 11th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, NerdWallet presently has a consensus rating of "Hold" and a consensus price target of $12.83.

NerdWallet Price Performance

NRDS stock opened at $9.00 on Friday. The firm has a 50 day simple moving average of $8.84 and a two-hundred day simple moving average of $9.99. The stock has a market cap of $592.20 million, a PE ratio of 9.68 and a beta of 1.23. NerdWallet, Inc. has a one year low of $7.33 and a one year high of $16.24.

NerdWallet (NASDAQ:NRDS - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.04. NerdWallet had a net margin of 8.11% and a return on equity of 18.33%. The firm had revenue of $222.20 million for the quarter, compared to analysts' expectations of $227.63 million. The company's revenue for the quarter was up 6.2% on a year-over-year basis. On average, research analysts expect that NerdWallet, Inc. will post 0.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Topline Capital Partners, Lp sold 454,872 shares of the company's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $9.27, for a total value of $4,216,663.44. Following the completion of the transaction, the insider directly owned 3,289,285 shares in the company, valued at approximately $30,491,671.95. This represents a 12.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 1,961,860 shares of company stock worth $17,862,921 in the last quarter. Company insiders own 52.75% of the company's stock.

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.

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