Why NerdWallet Stock Bucked the Market Drop Last Month With a 21% Gain
Shares of financial information company NerdWallet (NASDAQ: NRDS) jumped 21.3% in October, according to data provided by S&P Global Market Intelligence. Through Oct. 26, the stock was actually down over 26%. But that afternoon, the company reported financial results for the third quarter of 2023. The stock consequently skyrocketed, ultimately erasing losses and finishing the month with market-crushing gains.
Ironically, Wall Street didn't appear overly impressed with the Q3 results from NerdWallet. Oppenheimer analyst Jed Kelly subsequently lowered his price target for NerdWallet stock from $16 per share to $13 per share, according to StreetInsider.
Likewise, Truist analyst Youssef Squali lowered his price target for NerdWallet stock from $21 per share to $20 per share, according to The Fly.
Source Fool.com
