Wealthfront (NASDAQ:WLTH) Shares Up 4.1% – Here’s What Happened

Wealthfront (NASDAQ:WLTH)’s stock price traded up 4.1% during mid-day trading on Thursday . The company traded as high as $10.21 and last traded at $10.2410. Approximately 293,386 shares changed hands during trading, a decline of 83% from the average daily volume of 1,699,130 shares. The stock had previously closed at $9.84.

Analysts Set New Price Targets

A number of brokerages recently commented on WLTH. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 price objective on shares of Wealthfront in a research note on Thursday, September 10th. Royal Bank Of Canada reduced their price target on shares of Wealthfront from $13.00 to $11.00 and set an “outperform” rating for the company in a report on Thursday, September 10th. Weiss Ratings restated a “sell (d)” rating on shares of Wealthfront in a research report on Monday, July 6th. JPMorgan Chase & Co. dropped their price objective on shares of Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Friday, June 5th. Finally, Wall Street Zen upgraded shares of Wealthfront from a “sell” rating to a “hold” rating in a research report 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 issued a Sell rating to the stock. According to data from MarketBeat, Wealthfront presently has an average rating of “Hold” and a consensus price target of $12.00.

Wealthfront Stock Performance

The firm has a market capitalization of $1.63 billion and a P/E ratio of -11.16. The business has a fifty day moving average of $9.54 and a 200-day moving average of $9.74.

Wealthfront (NASDAQ:WLTH) last announced its earnings results on Wednesday, September 9th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. Wealthfront had a negative return on equity of 14.62% and a negative net margin of 19.42%.The firm had revenue of $91.87 million for the quarter. The firm’s quarterly revenue was up .9% on a year-over-year basis. On average, equities research analysts forecast that Wealthfront will post 0.41 earnings per share for the current fiscal year.

Insider Activity at Wealthfront

In related news, CTO Julien Wetterwald sold 26,138 shares of the company’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $10.10, for a total value of $263,993.80. Following the completion of the sale, the chief technology officer owned 696,525 shares of the company’s stock, valued at $7,034,902.50. This represents a 3.62% 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. Also, VP Kal Iyer sold 26,738 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $10.11, for a total transaction of $270,321.18. Following the completion of the transaction, the vice president owned 232,494 shares of the company’s stock, valued at $2,350,514.34. This represents a 10.31% 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. Insiders have sold 287,695 shares of company stock valued at $2,957,447 in the last ninety days. Company insiders own 27.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Index Venture Associates VI Ltd acquired a new position in shares of Wealthfront during the fourth quarter valued at approximately $128,567,000. BlackRock Inc. bought a new position in Wealthfront during the 2nd quarter valued at $74,766,000. Ieq Capital LLC bought a new position in Wealthfront during the 2nd quarter valued at $24,706,000. North Reef Capital Management LP increased its position 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 valued at $26,689,000 after purchasing an additional 1,658,624 shares during the period. Finally, Southpoint Capital Advisors LP bought a new stake in shares of Wealthfront in the 1st quarter worth $12,950,000.

About Wealthfront

Wealthfront, Inc is a U.S.-based digital wealth management company that provides automated investing, financial planning and cash management services through an online platform and mobile applications. The company is designed to help individuals manage their finances with technology-driven tools and diversified investment portfolios.

Its offerings have included automated investment accounts, tax-efficient portfolio management, financial planning tools, high-yield cash management products and lending services.