PEAK6 LLC Invests $2.01 Million in Wealthfront $WLTH

PEAK6 LLC purchased a new position in shares of Wealthfront (NASDAQ:WLTH) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 225,000 shares of the company’s stock, valued at approximately $2,012,000.

A number of other large investors also recently bought and sold shares of WLTH. Tiger Global Management LLC bought a new position in Wealthfront in the 4th quarter valued at $205,982,000. Dag Ventures LLC bought a new stake in shares of Wealthfront during the fourth quarter worth $187,725,000. Index Venture Associates VI Ltd purchased a new stake in shares of Wealthfront during the fourth quarter valued at $128,567,000. BlackRock Inc. purchased a new stake in shares of Wealthfront during the second quarter valued at $74,766,000. Finally, Wellington Management Group LLP bought a new position in shares of Wealthfront in the fourth quarter worth about $54,182,000.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on WLTH shares. Wells Fargo & Company reduced their price target on shares of Wealthfront from $12.00 to $11.50 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. JPMorgan Chase & Co. dropped their target price on shares of Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, June 5th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Wealthfront in a research report on Monday, July 6th. Keefe, Bruyette & Woods decreased their price target on shares of Wealthfront from $11.00 to $10.50 and set a “market perform” rating for the company in a research note on Monday, July 13th. Finally, Wall Street Zen upgraded Wealthfront from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $12.42.

Wealthfront Price Performance

Shares of Wealthfront stock opened at $9.22 on Monday. The stock has a market cap of $1.38 billion and a price-to-earnings ratio of -8.95. The firm’s 50-day moving average is $9.13 and its two-hundred day moving average is $9.52. Wealthfront has a 1 year low of $7.20 and a 1 year high of $14.88.

Wealthfront (NASDAQ:WLTH) last posted its quarterly earnings results on Thursday, June 4th. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.02). The firm had revenue of $90.48 million for the quarter. Wealthfront’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities analysts expect that Wealthfront will post 0.42 earnings per share for the current year.

Insider Buying and Selling at Wealthfront

In other Wealthfront news, CTO Julien Wetterwald sold 39,810 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $8.46, for a total transaction of $336,792.60. Following the sale, the chief technology officer owned 727,052 shares of the company’s stock, valued at approximately $6,150,859.92. This trade represents a 5.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Kal Iyer sold 45,772 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $8.92, for a total value of $408,286.24. Following the completion of the transaction, the vice president directly owned 254,269 shares of the company’s stock, valued at approximately $2,268,079.48. The trade was a 15.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 136,565 shares of company stock worth $1,193,520. 27.36% of the stock is currently owned by corporate insiders.

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.