Wealthfront (NASDAQ:WLTH) Releases Earnings Results

Wealthfront (NASDAQ:WLTH) announced its quarterly earnings data on Wednesday. The company reported $0.10 EPS for the quarter, FiscalAI reports. The company had revenue of $91.87 million for the quarter.

Wealthfront Price Performance

Shares of Wealthfront stock traded down $0.17 on Wednesday, hitting $9.46. The company had a trading volume of 4,460,037 shares, compared to its average volume of 1,499,297. Wealthfront has a twelve month low of $7.20 and a twelve month high of $14.88. The stock has a 50-day moving average of $9.33 and a 200-day moving average of $9.60. The firm has a market capitalization of $1.41 billion and a P/E ratio of -9.18.

Analyst Ratings Changes

WLTH has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their target price on Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, June 5th. Wells Fargo & Company cut their price objective on Wealthfront from $12.00 to $11.50 and set an “overweight” rating on the stock in a report on Tuesday, August 4th. Wall Street Zen raised shares of Wealthfront from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Weiss Ratings reiterated a “sell (d)” rating on shares of Wealthfront in a report on Monday, July 6th. Finally, The Goldman Sachs Group cut their price target on shares of Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Four analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $12.42.

Insider Buying and Selling

In other Wealthfront news, Director Jaleh Bisharat sold 8,503 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $9.50, for a total value of $80,778.50. Following the completion of the transaction, the director directly owned 8,503 shares in the company, valued at $80,778.50. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Julien Wetterwald sold 39,810 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $8.46, for a total transaction of $336,792.60. Following the sale, the chief technology officer directly owned 727,052 shares in the company, valued at $6,150,859.92. This trade represents a 5.19% 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. Over the last ninety days, insiders have sold 136,565 shares of company stock worth $1,193,520. Insiders own 27.36% of the company’s stock.

Hedge Funds Weigh In On Wealthfront

Institutional investors have recently bought and sold shares of the business. Tiger Global Management LLC acquired a new stake in shares of Wealthfront in the fourth quarter valued at approximately $205,982,000. Dag Ventures LLC acquired a new position in shares of Wealthfront during the 4th quarter worth approximately $187,725,000. Index Venture Associates VI Ltd bought a new stake in Wealthfront in the 4th quarter valued at $128,567,000. BlackRock Inc. bought a new stake in Wealthfront in the 2nd quarter valued at $74,766,000. Finally, Wellington Management Group LLP acquired a new stake in Wealthfront during the 4th quarter valued at $54,182,000.

About Wealthfront

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.