Wells Fargo & Company Issues Pessimistic Forecast for Wealthfront (NASDAQ:WLTH) Stock Price

Wealthfront (NASDAQ:WLTH) had its target price reduced by Wells Fargo & Company from $13.00 to $12.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 34.23% from the company’s previous close.

WLTH has been the topic of a number of other reports. JPMorgan Chase & Co. decreased their price target on shares of Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, June 5th. The Goldman Sachs Group reduced their target price on Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a report on Thursday, March 12th. Weiss Ratings started coverage on Wealthfront in a research report on Wednesday, March 11th. They issued a “sell (d)” rating on the stock. Citizens Jmp lowered their price target on Wealthfront from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research note on Monday, March 16th. Finally, Royal Bank Of Canada dropped their price target on Wealthfront from $14.00 to $13.00 and set an “outperform” rating for the company in a research report on Friday, June 5th. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.58.

Wealthfront Stock Down 1.2%

NASDAQ:WLTH opened at $8.94 on Wednesday. The business’s fifty day moving average is $10.43. Wealthfront has a fifty-two week low of $7.20 and a fifty-two week high of $14.88.

Wealthfront (NASDAQ:WLTH) last announced its earnings results on Thursday, June 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.02). The firm had revenue of $90.48 million for the quarter. Wealthfront’s revenue for the quarter was up 7.1% on a year-over-year basis. As a group, equities research analysts predict that Wealthfront will post 0.42 EPS for the current year.

Insider Activity at Wealthfront

In other news, insider Lauren Lin sold 4,840 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $8.45, for a total transaction of $40,898.00. Following the transaction, the insider directly owned 158,092 shares in the company, valued at $1,335,877.40. The trade was a 2.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Kal Iyer sold 28,498 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were 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 owned 225,771 shares of the company’s stock, valued at $1,910,022.66. This trade represents a 11.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 119,558 shares of company stock valued at $1,032,888. Corporate insiders own 27.36% of the company’s stock.

Hedge Funds Weigh In On Wealthfront

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada acquired a new position in Wealthfront during the first quarter worth $27,000. Sandia Investment Management LP acquired a new stake in shares of Wealthfront in the 4th quarter worth $44,000. Strs Ohio purchased a new position in shares of Wealthfront during the 1st quarter worth $56,000. SummitTX Capital L.P. acquired a new position in shares of Wealthfront during the 1st quarter valued at about $131,000. Finally, Barclays PLC acquired a new position in shares of Wealthfront during the 4th quarter valued at about $136,000.

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.