NerdWallet’s (NASDAQ:NRDS – Get Rating) lock-up period is set to expire on Tuesday, May 3rd. NerdWallet had issued 7,250,000 shares in its initial public offering on November 4th. The total size of the offering was $130,500,000 based on an initial share price of $18.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the end of the lock-up period.
A number of brokerages have recently issued reports on NRDS. KeyCorp cut their target price on NerdWallet from $35.00 to $30.00 and set an “overweight” rating for the company in a research note on Friday, February 25th. Oppenheimer cut their target price on NerdWallet from $30.00 to $17.00 and set an “outperform” rating for the company in a research note on Friday, February 25th. Citigroup cut their target price on NerdWallet from $30.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, March 15th. Finally, Morgan Stanley cut their target price on NerdWallet from $17.00 to $13.50 and set an “equal weight” rating for the company in a research note on Monday, February 28th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $24.93.
NASDAQ NRDS opened at $9.83 on Tuesday. NerdWallet has a 1-year low of $9.09 and a 1-year high of $34.44. The company has a 50 day moving average price of $11.04.
In related news, CEO Tim Chao-Ming Chen bought 13,794 shares of the stock in a transaction on Wednesday, March 9th. The shares were purchased at an average price of $11.33 per share, for a total transaction of $156,286.02. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders purchased a total of 84,900 shares of company stock valued at $852,925 over the last ninety days. 20.70% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in NRDS. Citigroup Inc. acquired a new stake in NerdWallet during the 4th quarter valued at $84,000. Bank of America Corp DE acquired a new stake in NerdWallet during the 4th quarter valued at $109,000. State of Tennessee Treasury Department acquired a new stake in NerdWallet during the 4th quarter valued at $146,000. SG3 Management LLC acquired a new stake in NerdWallet during the 4th quarter valued at $156,000. Finally, Woodline Partners LP acquired a new stake in NerdWallet during the 4th quarter valued at $156,000. Hedge funds and other institutional investors own 0.90% of the company’s stock.
NerdWallet Company Profile (Get Rating)
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. The company's platform offers guidance to consumers through educational content, tools and calculators, and product marketplaces, as well as NerdWallet app for various financial products, including credit cards, mortgages, insurance, SMB products, personal loans, banking, investing, and student loans.
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