Wealthfront’s (NASDAQ:WLTH) Lock-Up Period Set To End on June 10th

Wealthfront’s (NASDAQ:WLTH) lock-up period is set to expire on Wednesday, June 10th. Wealthfront had issued 34,615,384 shares in its IPO on December 12th. The total size of the offering was $484,615,376 based on an initial share price of $14.00. After the expiration of the company’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

Analysts Set New Price Targets

Several research firms recently commented on WLTH. The Goldman Sachs Group reduced their target price on 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 reduced their target price on Wealthfront from $17.00 to $14.00 and set an “outperform” rating for the company in a research report on Monday, March 9th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $9.50 target price (down from $13.50) on shares of Wealthfront in a research report on Thursday, March 12th. Weiss Ratings began coverage on Wealthfront in a research report on Wednesday, March 11th. They set a “sell (d)” rating for the company. Finally, Citizens Jmp reduced their target price on Wealthfront from $20.00 to $17.00 and set a “market outperform” rating for the company in a research report on Monday, March 16th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Wealthfront has a consensus rating of “Hold” and an average price target of $12.33.

Wealthfront Stock Up 1.0%

NASDAQ WLTH opened at $12.31 on Wednesday. Wealthfront has a 52-week low of $7.20 and a 52-week high of $14.88. The stock’s fifty day moving average is $10.62.

Wealthfront (NASDAQ:WLTH) last announced its earnings results on Wednesday, March 11th. The company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.24) by ($0.07). The company had revenue of $96.14 million for the quarter, compared to the consensus estimate of $91.95 million. On average, equities analysts expect that Wealthfront will post 0.46 EPS for the current year.

Hedge Funds Weigh In On Wealthfront

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE boosted its holdings in shares of 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 purchasing an additional 695,555 shares in the last quarter. Stoic Point Capital Management LLC purchased a new position in shares of Wealthfront in the 1st quarter worth about $1,679,000. Royal Bank of Canada purchased a new position in shares of Wealthfront in the 1st quarter worth about $27,000. Southpoint Capital Advisors LP purchased a new position in shares of Wealthfront in the 1st quarter worth about $12,950,000. Finally, SummitTX Capital L.P. purchased a new position in shares of Wealthfront in the 1st quarter worth about $131,000.

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.