Wealthfront (NASDAQ:WLTH) Stock Price Up 4.1% – Here’s What Happened

Wealthfront (NASDAQ:WLTH)’s stock price rose 4.1% during trading on Thursday . The stock traded as high as $10.21 and last traded at $10.2410. Approximately 293,386 shares traded hands during trading, a decline of 83% from the average daily volume of 1,699,130 shares. The stock had previously closed at $9.84.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on WLTH shares. The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 price target on shares of Wealthfront in a report on Thursday, September 10th. Wall Street Zen upgraded shares of Wealthfront from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Weiss Ratings restated a “sell (d)” rating on shares of Wealthfront in a research note on Monday, July 6th. JPMorgan Chase & Co. lowered their price target on shares of Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, June 5th. Finally, Royal Bank Of Canada dropped their price target on shares of Wealthfront from $13.00 to $11.00 and set an “outperform” rating on the stock in a research note on Thursday, September 10th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Wealthfront presently has an average rating of “Hold” and an average price target of $12.00.

Wealthfront Trading Up 6.3%

The company has a market cap of $1.63 billion and a P/E ratio of -11.16. The company’s 50-day moving average price is $9.54 and its two-hundred day moving average price is $9.74.

Wealthfront (NASDAQ:WLTH) last issued its quarterly earnings results on Wednesday, September 9th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $91.87 million for the quarter. Wealthfront had a negative net margin of 19.42% and a negative return on equity of 14.62%. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, analysts anticipate that Wealthfront will post 0.41 earnings per share for the current year.

Insider Activity at Wealthfront

In related news, CTO Julien Wetterwald sold 26,231 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $10.73, for a total transaction of $281,458.63. Following the sale, the chief technology officer directly owned 730,793 shares of the company’s stock, valued at approximately $7,841,408.89. This represents a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Kal Iyer sold 33,583 shares of the firm’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $10.73, for a total value of $360,345.59. Following the transaction, the vice president owned 269,640 shares in the company, valued at $2,893,237.20. This trade represents a 11.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 287,695 shares of company stock worth $2,957,447 over the last quarter. 27.36% of the stock is owned by corporate insiders.

Institutional Trading of Wealthfront

Institutional investors and hedge funds have recently modified their holdings of the business. Index Venture Associates VI Ltd acquired a new position in shares of Wealthfront in the 4th quarter valued at about $128,567,000. BlackRock Inc. bought a new position in Wealthfront in the second quarter worth about $74,766,000. North Reef Capital Management LP lifted its holdings in Wealthfront by 135.2% in the first quarter. North Reef Capital Management LP now owns 2,885,257 shares of the company’s stock worth $26,689,000 after acquiring an additional 1,658,624 shares during the last quarter. Ieq Capital LLC acquired a new position in Wealthfront in the second quarter valued at approximately $24,706,000. Finally, Granahan Investment Management LLC acquired a new position in Wealthfront in the fourth quarter valued at approximately $18,837,000.

About Wealthfront

Wealthfront, Inc is a U.S.-based digital wealth management company that provides automated investing, financial planning and cash management services through an online platform and mobile applications. The company is designed to help individuals manage their finances with technology-driven tools and diversified investment portfolios.

Its offerings have included automated investment accounts, tax-efficient portfolio management, financial planning tools, high-yield cash management products and lending services.