Southpoint Capital Advisors LP Takes Position in Wealthfront $WLTH

Southpoint Capital Advisors LP bought a new position in shares of Wealthfront (NASDAQ:WLTH) in the first quarter, HoldingsChannel reports. The firm bought 1,400,000 shares of the company’s stock, valued at approximately $12,950,000.

A number of other hedge funds also recently bought and sold shares of the business. Sandia Investment Management LP purchased a new stake in Wealthfront in the 4th quarter worth approximately $44,000. Strs Ohio bought a new stake in shares of Wealthfront in the 1st quarter worth approximately $56,000. SummitTX Capital L.P. purchased a new position in shares of Wealthfront during the first quarter valued at approximately $131,000. Barclays PLC purchased a new position in shares of Wealthfront during the fourth quarter valued at approximately $136,000. Finally, Symmetry Investments LP bought a new position in shares of Wealthfront during the fourth quarter valued at approximately $190,000.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. JPMorgan Chase & Co. dropped their price target on Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, June 5th. Keefe, Bruyette & Woods decreased their price objective on shares of Wealthfront from $11.00 to $10.50 and set a “market perform” rating for the company in a report on Monday, July 13th. Wall Street Zen raised shares of Wealthfront from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. The Goldman Sachs Group cut their target price on shares of Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a research note on Thursday, July 2nd. Finally, Royal Bank Of Canada reduced their price target on shares of Wealthfront from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, June 5th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $12.50.

Insider Buying and Selling at Wealthfront

In other news, CTO Julien Wetterwald sold 39,810 shares of Wealthfront stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $8.46, for a total transaction of $336,792.60. Following the completion of the transaction, the chief technology officer directly owned 727,052 shares in the company, valued at approximately $6,150,859.92. This trade represents a 5.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Kal Iyer sold 28,498 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $8.46, for a total value of $241,093.08. Following the completion of the sale, the vice president directly owned 225,771 shares in the company, valued at approximately $1,910,022.66. This represents a 11.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 136,565 shares of company stock worth $1,193,520 in the last ninety days. 27.36% of the stock is owned by company insiders.

Wealthfront Price Performance

Shares of Wealthfront stock opened at $9.24 on Tuesday. Wealthfront has a 12 month low of $7.20 and a 12 month high of $14.88. The stock has a market capitalization of $1.38 billion and a price-to-earnings ratio of -8.97. The firm’s fifty day moving average price is $9.72.

Wealthfront (NASDAQ:WLTH) last released its earnings results on Thursday, June 4th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The firm had revenue of $90.48 million for the quarter. Wealthfront’s revenue was up 7.1% compared to the same quarter last year. As a group, equities 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.