NerdWallet price jumps 90% following IPO

Personal finance firm NerdWallet saw its stock jump nearly 90% on Thursday, November 4 following its initial public offering (IPO), a rise that led the Nasdaq to briefly halt trading in the stock three times .

According to Seeking Alpha, shares of NerdWallet opened at 11:34 a.m. at $ 23.50 per share and quickly hit $ 26.68, which is 42% more than the IPO price of $ 18 per share. This was the first moment that prompted the Nasdaq to suspend trading.

When trading resumed a few minutes later, NerdWallet’s price shot even higher to $ 33.68, more than 87% higher than the IPO price, causing the second break in trading. exchanges just before noon on the east coast. Finally, stocks fell back to a gain of 68.5% to $ 30.33 just after noon, resulting in the third trading halt.

Read more: Report: NerdWallet seeks to go public with confidential repository

Established in 2009, NerdWallet offers financial information on things like credit cards and mortgages. News about the company’s plans to go public first surfaced in May, with the company seeking a valuation of $ 5 billion.

See Also: NerdWallet IPO Repository Shows 21 Million Unique Visitors Per Month

In a filing with the SEC last month, NerdWallet said its revenues have rebounded in recent months as financial services companies have tried to reach end users using tailor-made offers, and consumers have researched financial information on credit, mortgages and other related products and services.

NerdWallet said its revenue last year – $ 245.3 million – was an average increase of one percentage point from the $ 228.3 million a year earlier.

The company’s growth rate jumped about 32% as calculated in the first half of the year, reaching $ 181.6 million in 2021. But operating losses in the last half of the year have was almost $ 36 million, compared to $ 1.4 million for the same period. period a year ago.

The company has also seen an increase in monthly unique visitors, from an average of 16 million per month in 2020 to an average of 21 million per month in the first six months of this year, NerdWallet reported.



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