Renaissance Technologies LLC Purchases 202,838 Shares of NerdWallet, Inc. $NRDS

Key Points

• Renaissance Technologies increased its NerdWallet stake by 25.4%, purchasing 202,838 shares to hold 1,002,275 shares worth approximately $10.4 million, or 1.52% of the company.
• Insider ownership remains high at 52.75%, but insiders sold 1.96 million shares worth $17.9 million over the past three months; major shareholder Topline Capital Partners reduced its position by 12.15%.
• Analysts have a consensus “Hold” rating with an average price target of $12.83. NerdWallet’s latest quarter beat EPS expectations ($0.29 versus $0.25), while revenue rose 6.2% year over year but fell short of estimates.

Renaissance Technologies LLC increased its position in shares of NerdWallet, Inc. (NASDAQ:NRDS - Free Report) by 25.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,002,275 shares of the company's stock after purchasing an additional 202,838 shares during the period. Renaissance Technologies LLC owned approximately 1.52% of NerdWallet worth $10,404,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Covestor Ltd purchased a new stake in NerdWallet in the 4th quarter worth about $34,000. New York State Teachers Retirement System purchased a new position in shares of NerdWallet during the first quarter valued at approximately $41,000. Tower Research Capital LLC TRC boosted its position in shares of NerdWallet by 37.1% during the second quarter. Tower Research Capital LLC TRC now owns 3,893 shares of the company's stock valued at $43,000 after buying an additional 1,054 shares during the period. Polymer Capital Management US LLC bought a new position in shares of NerdWallet during the third quarter valued at approximately $111,000. Finally, Prelude Capital Management LLC bought a new position in shares of NerdWallet during the third quarter valued at approximately $119,000. 38.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling at NerdWallet

In other NerdWallet news, major shareholder Topline Capital Partners, Lp sold 454,872 shares of the company's stock in a transaction on 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 sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders sold 1,961,860 shares of company stock valued at $17,862,921. 52.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Wall Street Zen lowered NerdWallet from a "buy" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings downgraded NerdWallet from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, May 21st. Truist Financial reduced their target price on NerdWallet from $18.00 to $15.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. Oppenheimer decreased their target price on NerdWallet from $15.00 to $12.00 and set an "outperform" rating for the company in a research report on Monday, May 11th. Finally, Citigroup lowered their target price on shares of NerdWallet from $13.00 to $11.00 and set a "neutral" rating for the company in a research note on Monday, May 11th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, NerdWallet currently has a consensus rating of "Hold" and an average target price of $12.83.

NerdWallet Stock Performance

NerdWallet stock opened at $9.00 on Friday. The company has a market capitalization of $592.20 million, a PE ratio of 9.68 and a beta of 1.23. The company has a 50 day moving average price of $8.86 and a 200-day moving average price of $9.98. NerdWallet, Inc. has a fifty-two week low of $7.33 and a fifty-two week high of $16.24.

NerdWallet (NASDAQ:NRDS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.04. The company had revenue of $222.20 million for 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 company's revenue for the quarter was up 6.2% on a year-over-year basis. On average, analysts forecast that NerdWallet, Inc. will post 0.85 earnings per share for the current year.

NerdWallet Company Profile

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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