NerdWallet (NASDAQ:NRDS) to Repurchase $50.00 million in Shares

NerdWallet (NASDAQ:NRDS) announced that its board has authorized a stock buyback plan on Tuesday, December 16th, RTT News reports. The company plans to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

NerdWallet Stock Performance

NerdWallet stock opened at $14.71 on Thursday. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 15.32 and a beta of 1.42. NerdWallet has a 52-week low of $7.55 and a 52-week high of $16.24. The firm has a 50 day moving average price of $13.21 and a two-hundred day moving average price of $11.59.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on NRDS. Truist Financial upped their target price on NerdWallet from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Barclays raised their price objective on shares of NerdWallet from $14.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Zacks Research raised shares of NerdWallet from a “hold” rating to a “strong-buy” rating in a report on Monday, November 10th. Morgan Stanley upped their price target on shares of NerdWallet from $12.00 to $14.00 and gave the company an “equal weight” rating in a research report on Monday, November 10th. Finally, KeyCorp lifted their price target on shares of NerdWallet from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, NerdWallet has an average rating of “Moderate Buy” and an average target price of $15.40.

Insider Activity at NerdWallet

In related news, CAO Nicholas Tatum sold 4,272 shares of the stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $10.76, for a total transaction of $45,966.72. Following the transaction, the chief accounting officer directly owned 68,020 shares of the company’s stock, valued at $731,895.20. This represents a 5.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Samuel Yount sold 15,945 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The shares were sold at an average price of $16.04, for a total value of $255,757.80. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 48,503 shares of company stock valued at $715,244 in the last ninety days. 46.54% of the stock is currently owned by 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.