Short Interest in NerdWallet, Inc. (NASDAQ:NRDS) Declines By 37.2%

NerdWallet, Inc. (NASDAQ:NRDS) was the recipient of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 2,460,000 shares, a drop of 37.2% from the October 31st total of 3,920,000 shares. Currently, 7.3% of the shares of the company are sold short. Based on an average trading volume of 715,400 shares, the short-interest ratio is currently 3.4 days.

Insiders Place Their Bets

In other news, major shareholder Topline Capital Partners, Lp acquired 412,055 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were purchased at an average cost of $11.35 per share, for a total transaction of $4,676,824.25. Following the transaction, the insider now directly owns 5,251,145 shares in the company, valued at $59,600,495.75. This trade represents a 8.52 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Topline Capital Management, Ll purchased 49,722 shares of the company’s stock in a transaction on Monday, October 21st. The stock was purchased at an average price of $12.05 per share, for a total transaction of $599,150.10. Following the purchase, the insider now directly owns 4,839,090 shares of the company’s stock, valued at $58,311,034.50. This trade represents a 1.04 % increase in their position. The disclosure for this purchase can be found here. 45.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On NerdWallet

A number of hedge funds have recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of NerdWallet during the 2nd quarter valued at about $31,000. nVerses Capital LLC bought a new stake in shares of NerdWallet in the 3rd quarter valued at approximately $62,000. US Bancorp DE acquired a new position in shares of NerdWallet in the 3rd quarter worth approximately $86,000. Intech Investment Management LLC bought a new position in shares of NerdWallet during the 3rd quarter worth approximately $135,000. Finally, TNF LLC acquired a new position in NerdWallet during the third quarter worth $178,000. 38.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NRDS. Morgan Stanley lifted their price objective on shares of NerdWallet from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 30th. Barclays upped their price target on shares of NerdWallet from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Oppenheimer lowered their price objective on shares of NerdWallet from $20.00 to $18.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Truist Financial cut their price objective on NerdWallet from $19.00 to $16.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, KeyCorp boosted their price target on shares of NerdWallet from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.00.

NerdWallet Price Performance

NRDS traded up $0.36 during midday trading on Thursday, hitting $14.23. 296,770 shares of the company’s stock traded hands, compared to its average volume of 461,127. The company has a market cap of $1.05 billion, a PE ratio of -101.64 and a beta of 1.39. NerdWallet has a one year low of $10.10 and a one year high of $17.30. The stock’s fifty day simple moving average is $13.19 and its 200-day simple moving average is $13.37.

NerdWallet (NASDAQ:NRDS) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.06. NerdWallet had a negative net margin of 1.65% and a negative return on equity of 2.90%. The business had revenue of $191.30 million during the quarter, compared to analyst estimates of $168.25 million. During the same quarter in the previous year, the business earned ($0.01) EPS. NerdWallet’s quarterly revenue was up 25.2% compared to the same quarter last year. On average, research analysts expect that NerdWallet will post -0.11 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.