Wealthfront (NASDAQ:WLTH) Rating Lowered to “Sell” at Wall Street Zen

Wealthfront (NASDAQ:WLTH) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

A number of other research firms also recently issued reports on WLTH. The Goldman Sachs Group cut their price target on shares of Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a report on Thursday, March 12th. Citizens Jmp decreased their price objective on shares of Wealthfront from $20.00 to $17.00 and set a “market outperform” rating for the company in a research note on Monday, March 16th. JPMorgan Chase & Co. decreased their price objective 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. Weiss Ratings started coverage on shares of Wealthfront in a research report on Wednesday, March 11th. They issued a “sell (d)” rating for the company. Finally, Keefe, Bruyette & Woods cut their target price on shares of 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 investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.75.

Wealthfront Stock Up 8.9%

Shares of NASDAQ:WLTH opened at $8.79 on Friday. The stock’s 50-day moving average price is $10.51. Wealthfront has a 12 month low of $7.20 and a 12 month high of $14.88.

Wealthfront (NASDAQ:WLTH) last released its quarterly earnings data 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 firm had revenue of $90.48 million during the quarter. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. Research analysts predict that Wealthfront will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Wealthfront

In other Wealthfront news, insider Lauren Lin sold 4,840 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $8.45, for a total value of $40,898.00. Following the completion of the sale, the insider owned 158,092 shares of the company’s stock, valued at $1,335,877.40. This trade represents a 2.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Kal Iyer sold 28,498 shares of Wealthfront stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $8.46, for a total transaction of $241,093.08. Following the sale, the vice president owned 225,771 shares in the company, valued at $1,910,022.66. This represents a 11.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 119,558 shares of company stock valued at $1,032,888 over the last 90 days. 27.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wealthfront

Institutional investors have recently added to or reduced their stakes in the company. Tiger Global Management LLC purchased a new position in Wealthfront in the 4th quarter valued at about $205,982,000. Dag Ventures LLC acquired a new position in shares of Wealthfront in the fourth quarter worth about $187,725,000. Index Venture Associates VI Ltd acquired a new position in shares of Wealthfront in the fourth quarter worth about $128,567,000. Wellington Management Group LLP purchased a new position in Wealthfront in the fourth quarter valued at about $54,182,000. Finally, North Reef Capital Management LP boosted its holdings in Wealthfront by 135.2% in the first quarter. North Reef Capital Management LP now owns 2,885,257 shares of the company’s stock valued at $26,689,000 after purchasing an additional 1,658,624 shares during the last quarter.

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.