NerdWallet (NASDAQ:NRDS) Authorizes Stock Buyback Program

NerdWallet (NASDAQ:NRDS) announced that its board has approved a share buyback plan on Tuesday, December 16th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

NRDS has been the topic of a number of research reports. Barclays raised their target price on shares of NerdWallet from $14.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Morgan Stanley increased their price target on NerdWallet from $12.00 to $14.00 and gave the company an “equal weight” rating in a report on Monday, November 10th. Weiss Ratings reissued a “hold (c)” rating on shares of NerdWallet in a research note on Wednesday, October 8th. Truist Financial upped their target price on NerdWallet from $17.00 to $19.00 and gave the company a “buy” rating in a report on Monday, November 10th. Finally, KeyCorp raised their target price on NerdWallet from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.40.

NerdWallet Trading Up 2.4%

NRDS stock traded up $0.33 during midday trading on Tuesday, hitting $13.98. 813,381 shares of the company’s stock were exchanged, compared to its average volume of 830,926. NerdWallet has a 1-year low of $7.55 and a 1-year high of $16.24. The stock has a market capitalization of $1.02 billion, a PE ratio of 14.56 and a beta of 1.42. The business has a 50-day simple moving average of $13.13 and a two-hundred day simple moving average of $11.56.

NerdWallet (NASDAQ:NRDS) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.14. The business had revenue of $215.10 million during the quarter, compared to analysts’ expectations of $193.31 million. NerdWallet had a return on equity of 9.27% and a net margin of 9.22%.The firm’s quarterly revenue was up 12.4% on a year-over-year basis. As a group, research analysts expect that NerdWallet will post 0.36 EPS for the current fiscal year.

Insider Transactions at NerdWallet

In other news, CAO Nicholas Tatum sold 4,272 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $10.76, for a total value of $45,966.72. Following the sale, the chief accounting officer directly owned 68,020 shares of the company’s stock, valued at approximately $731,895.20. The trade was a 5.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Samuel Yount sold 15,945 shares of the stock in a transaction that occurred on Tuesday, December 2nd. The stock was sold at an average price of $16.04, for a total transaction of $255,757.80. Following the transaction, the insider directly owned 358,116 shares of the company’s stock, valued at $5,744,180.64. The trade was a 4.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 48,503 shares of company stock worth $715,244 in the last ninety days. 45.93% of the stock is currently owned by corporate insiders.

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.