Shares of NerdWallet (NASDAQ: NRDS) popped on Thursday after investors found out that its CEO had purchased shares. As of 2:50 p.m. ET, NerdWallet stock was up almost 12%.

It hasn't been an easy year for NerdWallet shareholders with the stock down year to date and down 57% from its 2023 high. However, the market is suddenly feeling more optimistic. That's because CEO Tim Chen purchased 30,588 shares of NerdWallet earlier this week.

According to yesterday's filing with the Securities and Exchange Commission (SEC), Chen purchased nearly 24,000 shares on Monday and over 6,000 shares on Tuesday for an average price per share of $8.40 and $8.21, respectively.

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Source Fool.com