Pillsbury Lake Capital LLC bought a new position in shares of Wealthfront (NASDAQ:WLTH – Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 1,025,030 shares of the company’s stock, valued at approximately $9,163,768,000. Wealthfront accounts for about 2.5% of Pillsbury Lake Capital LLC’s holdings, making the stock its 21st largest position.
A number of other hedge funds also recently added to or reduced their stakes in the business. Tiger Global Management LLC purchased a new stake in Wealthfront during the 4th quarter worth about $205,982,000. Dag Ventures LLC purchased a new position in shares of Wealthfront in the 4th quarter valued at about $187,725,000. Index Venture Associates VI Ltd purchased a new position in shares of Wealthfront in the 4th quarter valued at about $128,567,000. BlackRock Inc. acquired a new stake in shares of Wealthfront in the 2nd quarter valued at $74,766,000. Finally, Wellington Management Group LLP purchased a new stake in shares of Wealthfront during the 4th quarter worth $54,182,000.
Wealthfront Trading Down 1.4%
Shares of WLTH opened at $9.30 on Thursday. The stock has a market cap of $1.39 billion and a P/E ratio of -9.03. The company has a 50-day moving average of $9.17 and a two-hundred day moving average of $9.53. Wealthfront has a 12-month low of $7.20 and a 12-month high of $14.88.
Analyst Ratings Changes
Several equities research analysts recently weighed in on WLTH shares. Wells Fargo & Company decreased their target price on Wealthfront from $12.00 to $11.50 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. The Goldman Sachs Group reduced their price objective on Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. Royal Bank Of Canada dropped their price objective on shares of Wealthfront from $14.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, June 5th. JPMorgan Chase & Co. dropped their target price on Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, June 5th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Wealthfront in a research note on Monday, July 6th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Wealthfront has an average rating of “Hold” and a consensus target price of $12.42.
Check Out Our Latest Research Report on Wealthfront
Insider Activity at Wealthfront
In other Wealthfront news, Director Jaleh Bisharat sold 8,503 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $9.50, for a total transaction of $80,778.50. Following the transaction, the director owned 8,503 shares of the company’s stock, valued at $80,778.50. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lauren Lin sold 4,840 shares of the firm’s 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 transaction, the insider owned 158,092 shares in the company, valued at approximately $1,335,877.40. This trade represents 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 have sold a total of 136,565 shares of company stock valued at $1,193,520 in the last ninety days. 27.36% of the stock is owned by company insiders.
Wealthfront Profile
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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