Wealthfront (NASDAQ:WLTH) CTO Sells $336,792.60 in Stock

Wealthfront (NASDAQ:WLTH) CTO Julien Wetterwald sold 39,810 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $8.46, for a total transaction of $336,792.60. Following the transaction, the chief technology officer directly owned 727,052 shares in the company, valued at approximately $6,150,859.92. This represents a 5.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wealthfront Stock Down 1.7%

NASDAQ WLTH opened at $8.07 on Thursday. Wealthfront has a 12-month low of $7.20 and a 12-month high of $14.88. The firm has a 50-day simple moving average of $10.60.

Wealthfront (NASDAQ:WLTH) last announced its earnings results 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 for the quarter. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, research analysts forecast that Wealthfront will post 0.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in shares of Wealthfront by 1,461.0% in the 1st quarter. Bank of America Corp DE now owns 743,163 shares of the company’s stock valued at $6,874,000 after purchasing an additional 695,555 shares in the last quarter. Stoic Point Capital Management LLC acquired a new position in shares of Wealthfront during the 1st quarter worth $1,679,000. Royal Bank of Canada bought a new stake in shares of Wealthfront during the 1st quarter worth $27,000. Southpoint Capital Advisors LP bought a new stake in shares of Wealthfront during the 1st quarter worth $12,950,000. Finally, SummitTX Capital L.P. acquired a new stake in Wealthfront in the first quarter valued at about $131,000.

Trending Headlines about Wealthfront

Here are the key news stories impacting Wealthfront this week:

• Positive Sentiment: Wealthfront launched a new Custodial Account and is offering $100 in seed funding for qualifying new accounts, expanding its family wealth management platform and potentially adding a new source of client growth. Wealthfront Launches Tax-Efficient Custodial Account with $100 Seed Funding, Expands Family Wealth Management Offering
• Positive Sentiment: The company also highlighted a new way to help parents invest for children’s futures with automated investing and tax-efficient features, which supports Wealthfront’s strategy to broaden its product set beyond core investing accounts. Wealthfront Launches Investing Accounts for Kids Who Want to Build Wealth Early
• Neutral Sentiment: Wealthfront stockholders elected directors and ratified the company’s auditor at the annual meeting, which is a routine corporate update and is not likely to materially change the investment outlook. Wealthfront Stockholders Elect Directors and Ratify Auditor
• Negative Sentiment: Multiple insider sales have weighed on sentiment, including recent filings from senior executives, which can signal that management sees limited near-term upside. Wealthfront Insider Trading Activity | NASDAQ:WLTH | Benzinga
• Negative Sentiment: Pomerantz LLP said it is investigating claims on behalf of Wealthfront investors, adding legal overhang and uncertainty that may pressure the shares. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Wealthfront Corporation – WLTH

Wall Street Analyst Weigh In

WLTH has been the subject of several analyst reports. Wells Fargo & Company lifted their price objective on Wealthfront from $12.00 to $13.00 and gave the company an “overweight” rating in a report on Monday, May 4th. Royal Bank Of Canada reduced their target price on Wealthfront from $14.00 to $13.00 and set an “outperform” rating on the stock in a report on Friday, June 5th. Weiss Ratings initiated coverage on Wealthfront in a research report on Wednesday, March 11th. They issued a “sell (d)” rating on the stock. Citizens Jmp dropped their price target on Wealthfront from $20.00 to $17.00 and set a “market outperform” rating for the company in a research note on Monday, March 16th. Finally, The Goldman Sachs Group cut their price objective on shares of Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Wealthfront has an average rating of “Hold” and an average target price of $12.75.

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.