NerdWallet, Inc. (NASDAQ:NRDS) Short Interest Down 23.8% in May

NerdWallet, Inc. (NASDAQ:NRDS - Get Free Report) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 1,990,000 shares, a drop of 23.8% from the April 30th total of 2,610,000 shares. Approximately 5.6% of the company's stock are sold short. Based on an average trading volume of 549,200 shares, the short-interest ratio is currently 3.6 days.

NerdWallet Stock Performance

Shares of NRDS stock traded up $0.28 during trading hours on Tuesday, reaching $10.80. The company had a trading volume of 475,918 shares, compared to its average volume of 553,559. The business has a fifty day moving average price of $9.58 and a 200-day moving average price of $11.59. NerdWallet has a one year low of $7.55 and a one year high of $16.45. The firm has a market cap of $804.74 million, a PE ratio of 27.00 and a beta of 1.41.

Hedge Funds Weigh In On NerdWallet

A number of institutional investors and hedge funds have recently made changes to their positions in NRDS. Topline Capital Management LLC purchased a new position in NerdWallet during the fourth quarter valued at approximately $69,840,000. Quinn Opportunity Partners LLC increased its position in NerdWallet by 3,324.4% in the fourth quarter. Quinn Opportunity Partners LLC now owns 893,781 shares of the company's stock worth $11,887,000 after purchasing an additional 867,681 shares during the last quarter. Alta Fox Capital Management LLC bought a new position in NerdWallet during the fourth quarter valued at $10,761,000. Connor Clark & Lunn Investment Management Ltd. increased its position in NerdWallet by 157.3% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 908,468 shares of the company's stock valued at $12,083,000 after acquiring an additional 555,329 shares during the last quarter. Finally, Millennium Management LLC increased its position in NerdWallet by 325.8% during the fourth quarter. Millennium Management LLC now owns 700,129 shares of the company's stock valued at $9,312,000 after acquiring an additional 535,701 shares during the last quarter. Hedge funds and other institutional investors own 38.81% of the company's stock.

Wall Street Analysts Forecast Growth

NRDS has been the subject of a number of analyst reports. Citigroup reduced their price objective on shares of NerdWallet from $14.00 to $11.00 and set a "neutral" rating for the company in a research note on Tuesday, April 29th. KeyCorp reduced their price objective on shares of NerdWallet from $18.00 to $14.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Barclays raised their price objective on shares of NerdWallet from $17.00 to $19.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Finally, Morgan Stanley reduced their price objective on shares of NerdWallet from $15.00 to $12.00 and set an "equal weight" rating for the company in a research note on Monday, February 24th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

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.