Stoic Point Capital Management LLC purchased a new position in Wealthfront (NASDAQ:WLTH – Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 181,555 shares of the company’s stock, valued at approximately $1,679,000. Wealthfront comprises approximately 1.6% of Stoic Point Capital Management LLC’s holdings, making the stock its 11th biggest position. Stoic Point Capital Management LLC owned about 0.12% of Wealthfront as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Royal Bank of Canada bought a new position in Wealthfront during the first quarter valued at $27,000. Southpoint Capital Advisors LP bought a new stake in shares of Wealthfront in the 1st quarter worth about $12,950,000. SummitTX Capital L.P. purchased a new position in shares of Wealthfront during the 1st quarter worth about $131,000. North Reef Capital Management LP boosted its stake in shares of Wealthfront by 135.2% during the 1st quarter. North Reef Capital Management LP now owns 2,885,257 shares of the company’s stock worth $26,689,000 after purchasing an additional 1,658,624 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Wealthfront during the 1st quarter valued at about $1,622,000.
Insider Activity at Wealthfront
In other news, insider Lauren Lin sold 4,840 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $8.45, for a total transaction of $40,898.00. Following the transaction, the insider directly owned 158,092 shares of the company’s stock, valued at approximately $1,335,877.40. This trade represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jaleh Bisharat sold 8,504 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $9.39, for a total value of $79,852.56. Following the completion of the sale, the director owned 8,503 shares of the company’s stock, valued at $79,843.17. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 136,565 shares of company stock valued at $1,193,520. 27.36% of the stock is owned by insiders.
Wealthfront Trading Up 3.2%
Wealthfront (NASDAQ:WLTH – Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The company had revenue of $90.48 million for the quarter. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Research analysts forecast that Wealthfront will post 0.42 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on WLTH. Keefe, Bruyette & Woods reduced their price objective on shares of Wealthfront from $11.00 to $10.50 and set a “market perform” rating on the stock in a research report on Monday, July 13th. Weiss Ratings restated a “sell (d)” rating on shares of Wealthfront in a research report on Monday, July 6th. The Goldman Sachs Group cut their target price on Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. Wells Fargo & Company reduced their price target on Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Finally, Wall Street Zen raised Wealthfront from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Wealthfront presently has an average rating of “Hold” and an average target price of $12.50.
Get Our Latest Stock Analysis on WLTH
About Wealthfront
Wealthfront (NASDAQ:WLTH) is a technology-driven wealth management firm that provides automated investment services to individual investors. Operating as a robo-advisor, the company uses algorithms and software to construct and manage diversified portfolios largely composed of low-cost exchange-traded funds (ETFs). Its platform is geared toward long-term, goal-based investing with an emphasis on passive strategies, automated rebalancing and straightforward user experience delivered through web and mobile applications.
The company’s product suite includes automated portfolio management, tax-loss harvesting and goal-planning tools that help clients set and track financial objectives.
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