Wealthfront (NASDAQ:WLTH) CTO Julien Wetterwald Sells 39,810 Shares

Wealthfront (NASDAQ:WLTH) CTO Julien Wetterwald sold 39,810 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $8.46, for a total value of $336,792.60. Following the sale, the chief technology officer directly owned 727,052 shares of the company’s stock, valued at $6,150,859.92. This represents a 5.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wealthfront Stock Down 2.6%

Shares of WLTH stock traded down $0.22 during trading hours on Monday, reaching $8.22. The company had a trading volume of 1,857,562 shares, compared to its average volume of 1,593,316. Wealthfront has a 12 month low of $7.20 and a 12 month high of $14.88. The firm has a fifty day moving average of $10.72.

Wealthfront (NASDAQ:WLTH) last announced its earnings results on Thursday, June 4th. The company reported $0.07 earnings per share (EPS) 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 company’s revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts anticipate that Wealthfront will post 0.42 earnings per share for the current fiscal year.

Institutional Trading of Wealthfront

Several hedge funds have recently added to or reduced their stakes in WLTH. Bank of America Corp DE boosted its stake in Wealthfront by 1,461.0% in the first quarter. Bank of America Corp DE now owns 743,163 shares of the company’s stock valued at $6,874,000 after acquiring 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 worth approximately $1,679,000. Royal Bank of Canada bought a new stake in shares of Wealthfront in the 1st quarter worth approximately $27,000. Southpoint Capital Advisors LP bought a new stake in shares of Wealthfront in the 1st quarter worth approximately $12,950,000. Finally, SummitTX Capital L.P. purchased a new position in Wealthfront in the first quarter valued at approximately $131,000.

Analysts Set New Price Targets

Several research firms have recently issued reports on WLTH. JPMorgan Chase & Co. reduced their target price on shares of Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, June 5th. Wells Fargo & Company boosted their price target on shares of Wealthfront from $12.00 to $13.00 and gave the stock an “overweight” rating in a report on Monday, May 4th. The Goldman Sachs Group reduced their price objective on shares of Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Royal Bank Of Canada dropped their target price on shares of Wealthfront from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, June 5th. Finally, Keefe, Bruyette & Woods cut their target price on Wealthfront from $12.00 to $11.00 and set a “market perform” rating on the stock in a research note on Friday, June 5th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $12.75.

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.