Gabelli Funds LLC Buys 91,301 Shares of Wealthfront $WLTH

Gabelli Funds LLC lifted its position in Wealthfront (NASDAQ:WLTH) by 470.6% during the first quarter, HoldingsChannel.com reports. The fund owned 110,701 shares of the company’s stock after purchasing an additional 91,301 shares during the period. Gabelli Funds LLC’s holdings in Wealthfront were worth $1,024,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of WLTH. Sandia Investment Management LP acquired a new position in Wealthfront during the fourth quarter valued at approximately $44,000. Strs Ohio bought a new stake in Wealthfront in the first quarter valued at approximately $56,000. Barclays PLC acquired a new stake in Wealthfront in the fourth quarter worth $136,000. Symmetry Investments LP acquired a new stake in Wealthfront in the fourth quarter worth $190,000. Finally, Realta Investment Advisors bought a new position in shares of Wealthfront during the fourth quarter worth $194,000.

Wealthfront Stock Performance

Shares of WLTH opened at $9.46 on Friday. Wealthfront has a twelve month low of $7.20 and a twelve month high of $14.88. The firm has a 50 day moving average of $9.58. The company has a market capitalization of $1.41 billion and a price-to-earnings ratio of -9.18.

Wealthfront (NASDAQ:WLTH) last issued its quarterly earnings data 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. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. As a group, research analysts forecast that Wealthfront will post 0.42 EPS for the current year.

Analyst Ratings Changes

WLTH has been the subject of several research analyst reports. Wall Street Zen raised shares of Wealthfront from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Wells Fargo & Company dropped their price objective on Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods reduced their target price on Wealthfront from $11.00 to $10.50 and set a “market perform” rating on the stock in a report on Monday, July 13th. Royal Bank Of Canada decreased their target price on Wealthfront from $14.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, June 5th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Wealthfront in a report on Monday, July 6th. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.50.

Insider Activity at Wealthfront

In other Wealthfront news, CTO Julien Wetterwald sold 39,810 shares of the 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 completion of the transaction, the chief technology officer owned 727,052 shares in the company, valued at approximately $6,150,859.92. This represents a 5.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jaleh Bisharat sold 8,503 shares of Wealthfront stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $9.50, for a total value of $80,778.50. Following the completion of the sale, the director directly owned 8,503 shares in the company, valued at $80,778.50. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 136,565 shares of company stock valued at $1,193,520. 27.36% of the stock is owned by insiders.

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.