Wealthfront (NASDAQ:WLTH) VP Kal Iyer Sells 45,772 Shares

Wealthfront (NASDAQ:WLTH) VP Kal Iyer sold 45,772 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $8.92, for a total transaction of $408,286.24. Following the completion of the transaction, the vice president directly owned 254,269 shares in the company, valued at approximately $2,268,079.48. The trade was a 15.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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.

Wealthfront Trading Down 0.1%

WLTH opened at $8.43 on Thursday. The business has a 50 day simple moving average of $10.78. Wealthfront has a 12-month low of $7.20 and a 12-month high of $14.88.

Wealthfront (NASDAQ:WLTH) last posted its quarterly earnings data on Thursday, June 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The company had revenue of $90.48 million for the quarter. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts predict that Wealthfront will post 0.42 earnings per share for the current year.

Institutional Investors Weigh In On Wealthfront

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tiger Global Management LLC bought a new stake in shares of Wealthfront during the fourth quarter valued at approximately $205,982,000. Dag Ventures LLC bought a new stake in Wealthfront in the fourth quarter worth $187,725,000. Index Venture Associates VI Ltd bought a new stake in Wealthfront in the fourth quarter worth $128,567,000. Wellington Management Group LLP bought a new stake in Wealthfront in the fourth quarter worth $54,182,000. Finally, North Reef Capital Management LP increased its position 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 purchasing an additional 1,658,624 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have commented on WLTH. Weiss Ratings began coverage on shares of Wealthfront in a research note on Wednesday, March 11th. They set a “sell (d)” rating on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Wealthfront from $12.00 to $11.00 and set a “market perform” rating on the stock in a research note on Friday, June 5th. Citizens Jmp decreased their target price on shares of Wealthfront from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research note on Monday, March 16th. JPMorgan Chase & Co. decreased their target price 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. Finally, Wells Fargo & Company raised their target price on shares of Wealthfront from $12.00 to $13.00 and gave the stock an “overweight” rating in a research note on Monday, May 4th. Four 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, Wealthfront presently has an average rating of “Hold” and an average price target of $12.75.

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.