NerdWallet (NASDAQ:NRDS) Shares Gap Down on Analyst Downgrade

Key Points

• NerdWallet's shares gapped down to $9.25 following an analyst downgrade by Barclays, which lowered the price target from $17.00 to $14.00.
• Despite the downgrade, Barclays maintains an overweight rating on NerdWallet stock, which recently traded at $8.97 with a trading volume of 392,704 shares.
• Institutional investors hold 38.81% of NerdWallet stock, with significant purchases in the last quarter, including a 556.8% increase by JPMorgan Chase & Co.

NerdWallet, Inc. (NASDAQ:NRDS - Get Free Report) shares gapped down prior to trading on Friday after Barclays lowered their price target on the stock from $17.00 to $14.00. The stock had previously closed at $11.08, but opened at $9.25. Barclays currently has an overweight rating on the stock. NerdWallet shares last traded at $8.97, with a volume of 392,704 shares.

Several other research firms also recently weighed in on NRDS. KeyCorp dropped their target price on shares of NerdWallet from $18.00 to $14.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Citigroup dropped their target price on shares of NerdWallet from $14.00 to $11.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th.

Institutional Investors Weigh In On NerdWallet

Institutional investors have recently modified their holdings of the business. KLP Kapitalforvaltning AS bought a new stake in shares of NerdWallet during the 4th quarter valued at about $80,000. RHS Financial LLC bought a new stake in shares of NerdWallet during the 1st quarter valued at about $100,000. EntryPoint Capital LLC bought a new stake in shares of NerdWallet during the 1st quarter valued at about $114,000. Magnetar Financial LLC bought a new stake in shares of NerdWallet during the 1st quarter valued at about $130,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of NerdWallet by 57.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,769 shares of the company's stock valued at $134,000 after buying an additional 5,389 shares during the last quarter. Institutional investors own 38.81% of the company's stock.

NerdWallet Trading Down 17.1%

The stock has a market cap of $684.00 million, a P/E ratio of 14.81 and a beta of 1.45. The firm's 50-day simple moving average is $10.83 and its 200 day simple moving average is $10.63.

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 2.61%. The firm had revenue of $186.90 million during the quarter, compared to analysts' expectations of $195.32 million. During the same quarter in the prior year, the firm earned ($0.12) EPS. NerdWallet's quarterly revenue was up 24.1% on a year-over-year basis. On average, analysts anticipate that NerdWallet, Inc. will post 0.36 EPS for the current year.

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 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.