NerdWallet, Inc. (NASDAQ:NRDS - Get Rating) was the recipient of a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 2,540,000 shares, a decline of 42.3% from the April 30th total of 4,400,000 shares. Based on an average daily volume of 750,300 shares, the days-to-cover ratio is presently 3.4 days. Approximately 7.9% of the shares of the stock are short sold.
NerdWallet Stock Performance
Shares of NRDS stock opened at $9.44 on Friday. NerdWallet has a fifty-two week low of $7.80 and a fifty-two week high of $21.74. The company has a market cap of $724.24 million, a PE ratio of 944.00 and a beta of 1.52. The stock's fifty day moving average price is $13.12 and its two-hundred day moving average price is $13.18.
Insider Buying and Selling at NerdWallet
In other news, CEO Tim Chao-Ming Chen bought 30,838 shares of the company's stock in a transaction dated Tuesday, May 9th. The stock was bought at an average price of $8.38 per share, for a total transaction of $258,422.44. Following the completion of the transaction, the chief executive officer now directly owns 685,477 shares in the company, valued at approximately $5,744,297.26. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Kevin Yuann sold 2,450 shares of NerdWallet stock in a transaction on Monday, February 27th. The stock was sold at an average price of $20.00, for a total transaction of $49,000.00. Following the completion of the sale, the insider now directly owns 197,214 shares of the company's stock, valued at $3,944,280. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Tim Chao-Ming Chen acquired 30,838 shares of the firm's stock in a transaction that occurred on Tuesday, May 9th. The shares were bought at an average cost of $8.38 per share, with a total value of $258,422.44. Following the completion of the purchase, the chief executive officer now owns 685,477 shares of the company's stock, valued at $5,744,297.26. The disclosure for this purchase can be found here. Corporate insiders own 45.89% of the company's stock.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in shares of NerdWallet by 520.3% in the 1st quarter. JPMorgan Chase & Co. now owns 94,431 shares of the company's stock valued at $1,528,000 after acquiring an additional 79,208 shares during the last quarter. Centaurus Financial Inc. grew its stake in shares of NerdWallet by 940.0% in the 1st quarter. Centaurus Financial Inc. now owns 361,696 shares of the company's stock valued at $5,852,000 after buying an additional 326,917 shares during the period. Samlyn Capital LLC acquired a new stake in shares of NerdWallet in the 1st quarter valued at about $18,974,000. State Street Corp grew its stake in shares of NerdWallet by 16.6% in the 1st quarter. State Street Corp now owns 497,890 shares of the company's stock valued at $8,056,000 after buying an additional 70,712 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in NerdWallet by 403.4% during the 1st quarter. Squarepoint Ops LLC now owns 74,277 shares of the company's stock worth $1,202,000 after purchasing an additional 59,521 shares in the last quarter. 31.22% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
NRDS has been the subject of several recent research reports. Truist Financial reduced their price objective on NerdWallet from $27.00 to $20.00 in a research report on Wednesday, May 3rd. Barclays dropped their target price on NerdWallet from $21.00 to $18.00 in a report on Wednesday, May 3rd. KeyCorp upped their target price on NerdWallet from $18.00 to $25.00 and gave the stock an "overweight" rating in a report on Thursday, March 2nd. Morgan Stanley dropped their target price on NerdWallet from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, April 13th. Finally, Citigroup lowered NerdWallet from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $15.00 to $14.00 in a research note on Wednesday, May 3rd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, NerdWallet currently has a consensus rating of "Moderate Buy" and an average target price of $18.00.
NerdWallet Company Profile
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. The company's platform offers guidance to consumers through educational content, tools and calculators, and product marketplaces, as well as NerdWallet app for various financial products, including credit cards, mortgages, insurance, SMB products, personal loans, banking, investing, and student loans.
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