Wellington Management Group LLP Trims Stock Position in Wealthfront $WLTH

Wellington Management Group LLP lessened its stake in Wealthfront (NASDAQ:WLTH) by 11.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,213,246 shares of the company’s stock after selling 553,795 shares during the period. Wellington Management Group LLP’s holdings in Wealthfront were worth $37,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in WLTH. Royal Bank of Canada purchased a new stake in shares of Wealthfront in the 1st quarter valued at about $27,000. Sandia Investment Management LP acquired a new stake in shares of Wealthfront in the 4th quarter valued at about $44,000. Strs Ohio purchased a new position in Wealthfront during the 1st quarter worth approximately $56,000. Barclays PLC purchased a new position in Wealthfront during the 4th quarter worth approximately $136,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Wealthfront during the second quarter worth approximately $106,000.

Wealthfront Price Performance

Wealthfront stock opened at $9.58 on Friday. Wealthfront has a 12 month low of $7.20 and a 12 month high of $14.88. The business has a 50 day simple moving average of $9.30 and a 200-day simple moving average of $9.58. The stock has a market capitalization of $1.43 billion and a PE ratio of -9.30.

Wealthfront (NASDAQ:WLTH) last issued 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 company had revenue of $90.48 million during the quarter. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Wealthfront will post 0.4 EPS for the current year.

Insider Activity

In other news, VP Kal Iyer sold 45,772 shares of Wealthfront stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $8.92, for a total value of $408,286.24. Following the sale, the vice president owned 254,269 shares of the company’s stock, valued at $2,268,079.48. The trade was a 15.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Also, CTO Julien Wetterwald sold 39,810 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $8.46, for a total transaction of $336,792.60. Following the transaction, the chief technology officer 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. 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. Insiders have sold a total of 136,565 shares of company stock worth $1,193,520 in the last 90 days. Corporate insiders own 27.36% of the company’s stock.

Wall Street Analysts Forecast Growth

WLTH has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Wealthfront in a report on Monday, July 6th. JPMorgan Chase & Co. reduced their price target on shares of Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, June 5th. The Goldman Sachs Group lowered their price objective on shares of Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a research report on Thursday, July 2nd. Wall Street Zen upgraded shares of Wealthfront from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Royal Bank Of Canada reduced their target price on shares of Wealthfront from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, June 5th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.42.

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.