Wealthfront’s (WLTH) “Buy” Rating Reaffirmed at Needham & Company LLC

Wealthfront (NASDAQ:WLTH)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They currently have a $13.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 19.27% from the stock’s current price.

A number of other research firms also recently weighed in on WLTH. The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 target price on shares of Wealthfront in a research report on Thursday, September 10th. Keefe, Bruyette & Woods cut their target price on Wealthfront from $11.00 to $10.50 and set a “market perform” rating for the company in a research report on Monday, July 13th. Wall Street Zen upgraded Wealthfront from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Weiss Ratings restated a “sell (d)” rating on shares of Wealthfront in a research report on Friday, October 2nd. Finally, Wells Fargo & Company started coverage on Wealthfront in a research report on Thursday, October 1st. They issued an “overweight” rating and a $11.50 target price for the company. Five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Wealthfront has a consensus rating of “Hold” and a consensus target price of $12.29.

Wealthfront Price Performance

Shares of NASDAQ WLTH traded up $0.35 during midday trading on Wednesday, hitting $10.90. 2,202,183 shares of the company’s stock were exchanged, compared to its average volume of 1,740,151. The stock’s 50 day moving average price is $9.76 and its 200-day moving average price is $9.89. The firm has a market cap of $1.70 billion and a P/E ratio of -11.72. Wealthfront has a twelve month low of $7.20 and a twelve month high of $14.88.

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

Insider Activity

In other news, VP Kal Iyer sold 26,738 shares of the stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $10.11, for a total value of $270,321.18. Following the completion of the sale, the vice president owned 232,494 shares in the company, valued at $2,350,514.34. This represents a 10.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Julien Wetterwald sold 26,138 shares of Wealthfront stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $10.10, for a total value of $263,993.80. Following the transaction, the chief technology officer owned 696,525 shares in the company, valued at $7,034,902.50. This represents a 3.62% 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. Insiders sold 270,688 shares of company stock valued at $2,796,816 in the last 90 days. Company insiders own 27.36% of the company’s stock.

Hedge Funds Weigh In On Wealthfront

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

About Wealthfront

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.