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

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

NerdWallet Stock Performance

Shares of NASDAQ:NRDS traded up $0.36 during trading hours on Thursday, reaching $14.23. The stock had a trading volume of 296,770 shares, compared to its average volume of 461,127. NerdWallet has a 1 year low of $10.10 and a 1 year high of $17.30. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of -101.64 and a beta of 1.39. The firm’s 50 day moving average is $13.19 and its 200-day moving average is $13.37.

NerdWallet (NASDAQ:NRDS) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.09 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 company had revenue of $191.30 million for the quarter, compared to analyst estimates of $168.25 million. During the same period in the prior year, the firm posted ($0.01) earnings per share. The firm’s revenue was up 25.2% on a year-over-year basis. Analysts forecast that NerdWallet will post -0.11 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on NRDS. Morgan Stanley boosted their target price on shares of NerdWallet from $14.00 to $15.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. KeyCorp lifted their target price on NerdWallet from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Truist Financial lowered their price target on NerdWallet from $19.00 to $16.00 and set a “buy” rating for the company in a report on Monday, August 5th. Oppenheimer reduced their price target 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. Finally, Barclays increased their price objective on shares of NerdWallet from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, NerdWallet presently has an average rating of “Moderate Buy” and an average price target of $17.00.

Insider Activity at NerdWallet

In related news, insider Topline Capital Management, Ll bought 49,722 shares of the business’s stock in a transaction on Monday, October 21st. The stock was acquired at an average cost of $12.05 per share, with a total value 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. The trade was a 1.04 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Topline Capital Partners, Lp purchased 412,055 shares of the stock in a transaction dated 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 owns 5,251,145 shares in the company, valued at approximately $59,600,495.75. The trade was a 8.52 % increase in their position. The disclosure for this purchase can be found here. 45.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NerdWallet

Large investors have recently modified their holdings of the business. Basswood Capital Management L.L.C. purchased a new stake in NerdWallet during the third quarter valued at about $6,446,000. Vanguard Group Inc. boosted its stake in NerdWallet by 12.1% during the 1st quarter. Vanguard Group Inc. now owns 4,005,447 shares of the company’s stock valued at $58,880,000 after acquiring an additional 432,262 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in NerdWallet by 346.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 498,244 shares of the company’s stock worth $6,333,000 after acquiring an additional 386,646 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of NerdWallet by 12.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 769,831 shares of the company’s stock worth $11,239,000 after purchasing an additional 86,376 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of NerdWallet by 32.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 353,139 shares of the company’s stock valued at $4,488,000 after purchasing an additional 86,029 shares in the last quarter. 38.81% of the stock is owned by hedge funds and other institutional investors.

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.