Wells Fargo & Company Cuts Wealthfront (NASDAQ:WLTH) Price Target to $12.00

Wealthfront (NASDAQ:WLTH) had its price target lowered by Wells Fargo & Company from $13.00 to $12.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 34.23% from the stock’s previous close.

Several other brokerages have also recently issued reports on WLTH. Citizens Jmp reduced their price objective on Wealthfront from $20.00 to $17.00 and set a “market outperform” rating for the company in a research note on Monday, March 16th. Wall Street Zen lowered shares of Wealthfront from a “hold” rating to a “sell” rating in a research report on Saturday. Royal Bank Of Canada decreased their price objective 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. Keefe, Bruyette & Woods dropped their price objective on shares of Wealthfront from $12.00 to $11.00 and set a “market perform” rating on the stock in a report on Friday, June 5th. Finally, Weiss Ratings initiated coverage on shares of Wealthfront in a research note on Wednesday, March 11th. They issued a “sell (d)” rating on the stock. Four investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.58.

Wealthfront Trading Down 1.2%

Shares of Wealthfront stock opened at $8.94 on Wednesday. The company’s 50 day moving average is $10.43. Wealthfront has a 12-month low of $7.20 and a 12-month high of $14.88.

Wealthfront (NASDAQ:WLTH) last announced its quarterly earnings data on Thursday, June 4th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The firm had revenue of $90.48 million for the quarter. The company’s revenue was up 7.1% compared to the same quarter last year. Research analysts forecast that Wealthfront will post 0.42 EPS for the current year.

Insider Activity at Wealthfront

In other Wealthfront news, CTO Julien Wetterwald sold 39,810 shares of the company’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 owned 727,052 shares in the company, valued at approximately $6,150,859.92. This represents a 5.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lauren Lin sold 4,840 shares of the firm’s stock in a transaction that occurred 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 sale, the insider directly owned 158,092 shares in the company, valued at $1,335,877.40. The trade was a 2.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 119,558 shares of company stock worth $1,032,888. 27.36% of the stock is owned by corporate insiders.

Institutional Trading of Wealthfront

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