JPMorgan Chase & Co. Cuts Wealthfront (NASDAQ:WLTH) Price Target to $12.00

Wealthfront (NASDAQ:WLTH) had its target price cut by stock analysts at JPMorgan Chase & Co. from $13.00 to $12.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 22.32% from the company’s current price.

Several other equities analysts also recently issued reports on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $9.50 price objective (down from $13.50) on shares of Wealthfront in a research note on Thursday, March 12th. Wells Fargo & Company increased their price target on Wealthfront from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, May 4th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of Wealthfront in a research report on Friday. The Goldman Sachs Group dropped their target price on Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a research note on Thursday, March 12th. Finally, Weiss Ratings began coverage on Wealthfront in a research note on Wednesday, March 11th. They issued a “sell (d)” rating on the stock. 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $12.50.

Wealthfront Stock Performance

NASDAQ:WLTH traded down $1.69 during trading hours on Friday, reaching $9.81. 722,411 shares of the company traded hands, compared to its average volume of 1,398,402. The firm’s 50-day simple moving average is $10.85. 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 analysts’ consensus estimates of $0.09 by ($0.02). The firm had revenue of $90.48 million during the quarter. Wealthfront’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities research analysts predict that Wealthfront will post 0.46 earnings per share for the current fiscal year.

Institutional Trading of Wealthfront

A number of institutional investors have recently added to or reduced their stakes in WLTH. Tiger Global Management LLC acquired a new stake in Wealthfront in the 4th quarter valued at $205,982,000. Dag Ventures LLC purchased a new position in shares of Wealthfront in the fourth quarter valued at $187,725,000. Index Venture Associates VI Ltd acquired a new stake in Wealthfront during the 4th quarter valued at $128,567,000. Wellington Management Group LLP purchased a new stake in Wealthfront during the 4th quarter worth $54,182,000. Finally, North Reef Capital Management LP lifted its holdings in Wealthfront by 135.2% in the 1st quarter. North Reef Capital Management LP now owns 2,885,257 shares of the company’s stock worth $26,689,000 after buying an additional 1,658,624 shares in the last quarter.

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.