Insider Selling: Wealthfront (NASDAQ:WLTH) VP Sells $241,093.08 in Stock

Wealthfront (NASDAQ:WLTH) VP Kal Iyer sold 28,498 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $8.46, for a total value of $241,093.08. Following the completion of the transaction, the vice president directly owned 225,771 shares of the company’s stock, valued at approximately $1,910,022.66. This represents a 11.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Kal Iyer also recently made the following trade(s):

• On Monday, June 15th, Kal Iyer sold 45,772 shares of Wealthfront stock. The stock was sold at an average price of $8.92, for a total value of $408,286.24.

Wealthfront Stock Performance

WLTH stock opened at $8.07 on Thursday. The stock has a fifty day simple moving average of $10.60. Wealthfront has a 1-year low of $7.20 and a 1-year high of $14.88.

Wealthfront (NASDAQ:WLTH) last released its earnings results on Thursday, June 4th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The firm had revenue of $90.48 million during the quarter. The business’s quarterly revenue was up 7.1% on a year-over-year basis. As a group, research analysts predict that Wealthfront will post 0.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

WLTH has been the topic of several research reports. Citizens Jmp lowered their price objective on shares of Wealthfront from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research report on Monday, March 16th. Royal Bank Of Canada decreased their price target on shares of Wealthfront from $14.00 to $13.00 and set an “outperform” rating for the company in a research note on Friday, June 5th. Weiss Ratings initiated coverage on shares of Wealthfront in a report on Wednesday, March 11th. They issued a “sell (d)” rating on the stock. The Goldman Sachs Group dropped their price objective on Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. Finally, Keefe, Bruyette & Woods reduced their price objective on Wealthfront from $12.00 to $11.00 and set a “market perform” rating for the company in a report on Friday, June 5th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $12.75.

Wealthfront News Roundup

Here are the key news stories impacting Wealthfront this week:

• Positive Sentiment: Wealthfront launched a new Custodial Account and is offering $100 in seed funding for qualifying new accounts, expanding its family wealth management platform and potentially adding a new source of client growth. Wealthfront Launches Tax-Efficient Custodial Account with $100 Seed Funding, Expands Family Wealth Management Offering
• Positive Sentiment: The company also highlighted a new way to help parents invest for children’s futures with automated investing and tax-efficient features, which supports Wealthfront’s strategy to broaden its product set beyond core investing accounts. Wealthfront Launches Investing Accounts for Kids Who Want to Build Wealth Early
• Neutral Sentiment: Wealthfront stockholders elected directors and ratified the company’s auditor at the annual meeting, which is a routine corporate update and is not likely to materially change the investment outlook. Wealthfront Stockholders Elect Directors and Ratify Auditor
• Negative Sentiment: Multiple insider sales have weighed on sentiment, including recent filings from senior executives, which can signal that management sees limited near-term upside. Wealthfront Insider Trading Activity | NASDAQ:WLTH | Benzinga
• Negative Sentiment: Pomerantz LLP said it is investigating claims on behalf of Wealthfront investors, adding legal overhang and uncertainty that may pressure the shares. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Wealthfront Corporation – WLTH

Institutional Investors Weigh In On Wealthfront

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WLTH. Royal Bank of Canada purchased a new stake in Wealthfront during the first quarter valued at about $27,000. Sandia Investment Management LP purchased a new position in shares of Wealthfront in the fourth quarter worth about $44,000. Strs Ohio bought a new stake in shares of Wealthfront in the first quarter valued at approximately $56,000. Barclays PLC bought a new stake in shares of Wealthfront in the fourth quarter valued at approximately $136,000. Finally, Symmetry Investments LP purchased a new stake in shares of Wealthfront during the 4th quarter valued at approximately $190,000.

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.