Renaissance Technologies LLC Makes New Investment in Wealthfront $WLTH

Renaissance Technologies LLC purchased a new position in Wealthfront (NASDAQ:WLTH) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 175,370 shares of the company’s stock, valued at approximately $1,622,000. Renaissance Technologies LLC owned 0.12% of Wealthfront as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of WLTH. Sandia Investment Management LP bought a new position in Wealthfront during the fourth quarter worth $44,000. Strs Ohio bought a new stake in Wealthfront during the first quarter valued at $56,000. Barclays PLC acquired a new stake in Wealthfront during the 4th quarter worth about $136,000. Symmetry Investments LP acquired a new stake in Wealthfront during the 4th quarter worth about $190,000. Finally, Hudson Bay Capital Management LP bought a new position in shares of Wealthfront in the 4th quarter worth about $245,000.

Insider Buying and Selling at Wealthfront

In related news, VP Kal Iyer sold 28,498 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $8.46, for a total value of $241,093.08. Following the transaction, the vice president owned 225,771 shares of the company’s stock, valued at approximately $1,910,022.66. This trade represents a 11.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jaleh Bisharat sold 8,503 shares of Wealthfront stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $9.50, for a total value 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 position. 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. Over the last 90 days, insiders have sold 136,565 shares of company stock worth $1,193,520. 27.36% of the stock is currently owned by insiders.

Analysts Set New Price Targets

WLTH has been the topic of a number of research analyst reports. The Goldman Sachs Group cut their price target on Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Wealthfront in a research report on Monday, July 6th. Wall Street Zen raised shares of Wealthfront from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Wells Fargo & Company reduced their price target on shares of Wealthfront from $12.00 to $11.50 and set an “overweight” rating for the company in a report on Tuesday, August 4th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Wealthfront from $11.00 to $10.50 and set a “market perform” rating on the stock in a report on Monday, July 13th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.42.

Wealthfront Stock Down 2.4%

Shares of WLTH opened at $9.37 on Thursday. The business’s fifty day moving average is $9.15 and its 200 day moving average is $9.50. Wealthfront has a 12-month low of $7.20 and a 12-month high of $14.88. The stock has a market cap of $1.40 billion and a P/E ratio of -9.10.

Wealthfront (NASDAQ:WLTH) last announced its quarterly earnings results on Thursday, June 4th. The company reported $0.07 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 business’s quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts expect that Wealthfront will post 0.42 EPS for the current year.

Wealthfront Company 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.