Connor Clark & Lunn Investment Management Ltd. Buys 57,735 Shares of NerdWallet, Inc. (NASDAQ:NRDS)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has increased its stake in NerdWallet, Inc. by 6.4%, owning 966,203 shares valued at approximately $8.7 million after purchasing 57,735 additional shares.
• NerdWallet reported earnings of $0.11 per share, meeting analyst expectations, with quarterly revenue of $186.9 million, which was below the forecast of $195.32 million.
• Institutional investors now own 38.81% of NerdWallet's stock, reflecting growing interest in the company amidst fluctuations in stock ratings and price targets from various analysts.

Connor Clark & Lunn Investment Management Ltd. raised its position in NerdWallet, Inc. (NASDAQ:NRDS - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 966,203 shares of the company's stock after buying an additional 57,735 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 1.30% of NerdWallet worth $8,744,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Topline Capital Management LLC bought a new position in NerdWallet in the 4th quarter valued at about $69,840,000. Vanguard Group Inc. increased its holdings in NerdWallet by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 3,899,417 shares of the company's stock valued at $35,290,000 after buying an additional 69,499 shares during the period. Dimensional Fund Advisors LP increased its holdings in NerdWallet by 8.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 867,500 shares of the company's stock valued at $11,537,000 after buying an additional 64,366 shares during the period. Alta Fox Capital Management LLC bought a new position in NerdWallet in the 4th quarter valued at about $10,761,000. Finally, Renaissance Technologies LLC increased its holdings in NerdWallet by 49.5% in the 4th quarter. Renaissance Technologies LLC now owns 742,909 shares of the company's stock valued at $9,881,000 after buying an additional 246,009 shares during the period. 38.81% of the stock is owned by institutional investors.

NerdWallet Trading Up 5.8%

NASDAQ:NRDS traded up $0.57 during mid-day trading on Wednesday, hitting $10.40. 696,520 shares of the company's stock were exchanged, compared to its average volume of 594,025. The company has a 50 day simple moving average of $10.78 and a 200-day simple moving average of $10.57. NerdWallet, Inc. has a fifty-two week low of $7.55 and a fifty-two week high of $16.45. The firm has a market capitalization of $774.90 million, a P/E ratio of 16.77 and a beta of 1.45.

NerdWallet (NASDAQ:NRDS - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.11 EPS for the quarter, hitting the consensus estimate of $0.11. NerdWallet had a net margin of 6.11% and a return on equity of 2.54%. The business had revenue of $186.90 million for the quarter, compared to the consensus estimate of $195.32 million. During the same period last year, the company earned ($0.12) EPS. The firm's revenue was up 24.1% compared to the same quarter last year. As a group, analysts expect that NerdWallet, Inc. will post 0.36 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Barclays decreased their price target on shares of NerdWallet from $17.00 to $14.00 and set an "overweight" rating on the stock in a report on Friday, August 8th. Truist Financial decreased their price target on shares of NerdWallet from $19.00 to $17.00 and set a "buy" rating on the stock in a report on Monday. Citigroup decreased their price target on shares of NerdWallet from $14.00 to $11.00 and set a "neutral" rating on the stock in a report on Tuesday, April 29th. Finally, KeyCorp decreased their price target on shares of NerdWallet from $18.00 to $14.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, NerdWallet has an average rating of "Moderate Buy" and a consensus target price of $13.60.

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.