Wealthfront (NASDAQ:WLTH – Get Free Report) had its target price cut by equities research analysts at Wells Fargo & Company from $12.00 to $11.50 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 19.05% from the company’s current price.
Other equities research analysts have also recently issued research reports about the stock. Royal Bank Of Canada reduced their price target on shares of Wealthfront from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, June 5th. Wall Street Zen raised shares of Wealthfront from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. JPMorgan Chase & Co. cut their price objective on Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, June 5th. Weiss Ratings restated a “sell (d)” rating on shares of Wealthfront in a research note on Monday, July 6th. Finally, The Goldman Sachs Group reduced their price target on Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a research report on Thursday, July 2nd. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.42.
Read Our Latest Analysis on Wealthfront
Wealthfront Trading Up 1.8%
Wealthfront (NASDAQ:WLTH – Get Free Report) last released its quarterly earnings data on Thursday, June 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The business had revenue of $90.48 million during the quarter. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. As a group, equities research analysts forecast that Wealthfront will post 0.42 earnings per share for the current fiscal year.
Insider Buying and Selling at Wealthfront
In other news, CTO Julien Wetterwald sold 39,810 shares of Wealthfront stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $8.46, for a total value of $336,792.60. Following the sale, the chief technology officer owned 727,052 shares in the company, valued at $6,150,859.92. This trade represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lauren Lin sold 4,840 shares of Wealthfront stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $8.45, for a total value of $40,898.00. Following the completion of the sale, the insider owned 158,092 shares in the company, valued at approximately $1,335,877.40. The trade was a 2.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 136,565 shares of company stock valued at $1,193,520 over the last quarter. Insiders own 27.36% of the company’s stock.
Institutional Trading of Wealthfront
Several large investors have recently made changes to their positions in WLTH. Southpoint Capital Advisors LP purchased a new stake in shares of Wealthfront during the first quarter worth $12,950,000. North Reef Capital Management LP boosted its position in Wealthfront by 135.2% during the first quarter. North Reef Capital Management LP now owns 2,885,257 shares of the company’s stock worth $26,689,000 after acquiring an additional 1,658,624 shares during the last quarter. Jennison Associates LLC acquired a new position in Wealthfront during the fourth quarter worth about $4,396,000. Board of Trustees of The Leland Stanford Junior University acquired a new stake in Wealthfront in the 1st quarter valued at about $1,928,000. Finally, Stoic Point Capital Management LLC acquired a new position in shares of Wealthfront during the 1st quarter worth approximately $1,679,000.
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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