Wells Fargo & Company Cuts Wealthfront (NASDAQ:WLTH) Price Target to $11.50

Wealthfront (NASDAQ:WLTH) had its price target reduced by Wells Fargo & Company from $12.00 to $11.50 in a research report released on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. dropped their target price on Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday, June 5th. The Goldman Sachs Group reduced their price target on Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a report on Thursday, July 2nd. Keefe, Bruyette & Woods dropped their price objective on Wealthfront from $11.00 to $10.50 and set a “market perform” rating for the company in a report on Monday, July 13th. Wall Street Zen raised Wealthfront from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Finally, Royal Bank Of Canada reduced their target price on Wealthfront from $14.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, June 5th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Wealthfront currently has a consensus rating of “Hold” and an average target price of $12.42.

Wealthfront Trading Down 0.2%

Wealthfront stock opened at $9.63 on Tuesday. The firm has a 50-day moving average price of $9.36 and a 200-day moving average price of $9.49. The firm has a market capitalization of $1.44 billion and a PE ratio of -9.35. Wealthfront has a 12-month low of $7.20 and a 12-month high of $14.88.

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

Insider Activity

In other news, insider Lauren Lin sold 4,840 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $8.45, for a total transaction of $40,898.00. Following the transaction, the insider directly owned 158,092 shares of the company’s stock, valued at approximately $1,335,877.40. This represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jaleh Bisharat sold 8,503 shares of the company’s stock in a transaction 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 transaction, the director directly owned 8,503 shares in the company, valued at approximately $80,778.50. The trade was a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 136,565 shares of company stock worth $1,193,520. 27.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada acquired a new stake in Wealthfront in the first quarter worth about $27,000. Sandia Investment Management LP acquired a new position in shares of Wealthfront during the fourth quarter valued at about $44,000. Strs Ohio acquired a new position in shares of Wealthfront during the first quarter valued at about $56,000. SummitTX Capital L.P. purchased a new position in shares of Wealthfront in the 1st quarter valued at approximately $131,000. Finally, Barclays PLC purchased a new position in shares of Wealthfront in the 4th quarter valued at approximately $136,000.

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.