Jaleh Bisharat Sells 8,504 Shares of Wealthfront (NASDAQ:WLTH) Stock

Wealthfront (NASDAQ:WLTH) Director Jaleh Bisharat sold 8,504 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $9.39, for a total transaction of $79,852.56. Following the completion of the sale, the director owned 8,503 shares of the company’s stock, valued at $79,843.17. This trade represents a 50.00% decrease in their ownership of the stock. The sale 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.

Jaleh Bisharat also recently made the following trade(s):

• On Tuesday, July 7th, Jaleh Bisharat sold 8,503 shares of Wealthfront stock. The stock was sold at an average price of $9.50, for a total value of $80,778.50.

Wealthfront Trading Up 3.6%

WLTH opened at $9.31 on Friday. Wealthfront has a 52 week low of $7.20 and a 52 week high of $14.88. The stock has a market cap of $1.39 billion and a PE ratio of -9.04. The company has a 50 day moving average price of $10.21.

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

Institutional Investors Weigh In On Wealthfront

Large investors have recently bought and sold shares of the business. Bank of America Corp DE raised its position in Wealthfront by 1,461.0% in the 1st quarter. Bank of America Corp DE now owns 743,163 shares of the company’s stock worth $6,874,000 after buying an additional 695,555 shares during the last quarter. Stoic Point Capital Management LLC purchased a new stake in shares of Wealthfront during the 1st quarter valued at about $1,679,000. Royal Bank of Canada bought a new stake in shares of Wealthfront in the first quarter worth approximately $27,000. Southpoint Capital Advisors LP purchased a new position in shares of Wealthfront during the first quarter valued at approximately $12,950,000. Finally, SummitTX Capital L.P. bought a new position in Wealthfront during the first quarter valued at approximately $131,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on WLTH shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Wealthfront in a research note on Monday. Citizens Jmp cut their price target on Wealthfront from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research note on Monday, March 16th. The Goldman Sachs Group lowered their price objective on Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a research note on Thursday, July 2nd. Wells Fargo & Company reduced their price target on Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Finally, Wall Street Zen cut shares of Wealthfront from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. 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 stock. According to data from MarketBeat, Wealthfront currently has an average rating of “Hold” and a consensus target price of $12.58.

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.