Dragoneer Investment Group LLC Acquires New Stake in Wealthfront $WLTH

Dragoneer Investment Group LLC acquired a new stake in Wealthfront (NASDAQ:WLTH) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 654,338 shares of the company’s stock, valued at approximately $8,892,000. Wealthfront comprises 0.2% of Dragoneer Investment Group LLC’s investment portfolio, making the stock its 25th largest position. Dragoneer Investment Group LLC owned about 0.44% of Wealthfront as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Barclays PLC purchased a new position in Wealthfront in the fourth quarter valued at approximately $136,000. Realta Investment Advisors purchased a new position in Wealthfront in the fourth quarter valued at approximately $194,000. Hudson Bay Capital Management LP purchased a new position in Wealthfront in the fourth quarter valued at approximately $245,000. Gabelli Funds LLC purchased a new position in Wealthfront in the fourth quarter valued at approximately $264,000. Finally, Cohen & Steers Inc. purchased a new position in Wealthfront in the fourth quarter valued at approximately $272,000.

Wall Street Analyst Weigh In

Several research firms recently commented on WLTH. Royal Bank Of Canada dropped their price objective on 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 research report on Friday, June 5th. Keefe, Bruyette & Woods dropped their target price on Wealthfront from $12.00 to $11.00 and set a “market perform” rating on the stock in a research report on Friday, June 5th. The Goldman Sachs Group dropped their target price on Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a research report on Thursday, March 12th. Finally, Wells Fargo & Company increased their target price on Wealthfront from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Wealthfront presently has a consensus rating of “Hold” and an average price target of $12.75.

Wealthfront Trading Down 4.1%

NASDAQ:WLTH opened at $8.44 on Wednesday. The stock’s fifty day moving average is $10.80. Wealthfront has a 1 year low of $7.20 and a 1 year high of $14.88.

Wealthfront (NASDAQ:WLTH) last released its quarterly earnings results on Thursday, June 4th. The company reported $0.07 earnings per share 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% compared to the same quarter last year. On average, analysts predict that Wealthfront will post 0.42 earnings per share for the current fiscal year.

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.