Wealthfront’s (WLTH) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Wealthfront (NASDAQ:WLTH) in a report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $13.00 price objective on the stock.

WLTH has been the topic of a number of other reports. The Goldman Sachs Group reiterated a “neutral” rating and set a $10.00 price target on shares of Wealthfront in a research note on Thursday, September 10th. Wells Fargo & Company started coverage on shares of Wealthfront in a research note on Thursday, October 1st. They set an “overweight” rating and a $11.50 target price on the stock. Wall Street Zen upgraded shares of Wealthfront from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings reissued a “sell (d)” rating on shares of Wealthfront in a research report on Friday, October 2nd. Finally, Royal Bank Of Canada cut their price objective on Wealthfront from $13.00 to $11.00 and set an “outperform” rating on the stock in a research report on Thursday, September 10th. Five analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $12.29.

Wealthfront Price Performance

Shares of WLTH stock opened at $10.82 on Wednesday. The company has a 50-day moving average of $9.81 and a two-hundred day moving average of $9.92. The firm has a market cap of $1.69 billion and a PE ratio of -11.63. 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 Wednesday, September 9th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Wealthfront had a negative return on equity of 14.62% and a negative net margin of 19.42%. The business had revenue of $91.87 million during the quarter. The business’s quarterly revenue was up .9% compared to the same quarter last year. Sell-side analysts anticipate that Wealthfront will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling at Wealthfront

In related news, CTO Julien Wetterwald sold 26,231 shares of the business’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 completion of the sale, the chief technology officer owned 730,793 shares in the company, valued at $7,841,408.89. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Lauren Lin sold 16,117 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $10.73, for a total value of $172,935.41. Following the completion of the transaction, the insider directly owned 181,385 shares of the company’s stock, valued at $1,946,261.05. This trade represents a 8.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 270,688 shares of company stock worth $2,796,816. Corporate insiders own 27.36% of the company’s stock.

Institutional Trading of Wealthfront

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Wealthfront in the 2nd quarter valued at $74,766,000. Renaissance Technologies LLC purchased a new position in Wealthfront during the 1st quarter worth $1,622,000. Bank of America Corp DE grew its position in Wealthfront by 1,461.0% during the 1st quarter. Bank of America Corp DE now owns 743,163 shares of the company’s stock worth $6,874,000 after purchasing an additional 695,555 shares during the last quarter. Southpoint Capital Advisors LP acquired a new position in Wealthfront in the first quarter valued at $12,950,000. Finally, PEAK6 LLC purchased a new stake in shares of Wealthfront in the second quarter valued at about $2,012,000.

Wealthfront Company Profile

Wealthfront, Inc is a U.S.-focused financial technology company that provides automated investing, digital financial planning and cash-management services through an online platform. Its services are designed to help individuals manage portfolios, save for financial goals and oversee their finances without relying on traditional branch-based advisory services.

The company’s offerings have included diversified, automated investment portfolios; a cash account for saving and managing everyday funds; financial-planning tools; and lending products such as portfolio lines of credit.