Wealthfront (NASDAQ:WLTH) Shares Up 11.4% – Still a Buy?

Wealthfront (NASDAQ:WLTH) shares rose 11.4% during mid-day trading on Friday . The stock traded as high as $8.05 and last traded at $8.02. Approximately 1,677,069 shares traded hands during mid-day trading, an increase of 5% from the average daily volume of 1,604,350 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Wealthfront from a “sell” rating to a “hold” rating in a report on Friday, January 23rd. Zacks Research upgraded shares of Wealthfront to a “hold” rating in a research report on Thursday, January 15th. The Goldman Sachs Group set a $12.00 price objective on Wealthfront in a report on Tuesday, January 20th. Finally, Wells Fargo & Company dropped their target price on Wealthfront from $16.50 to $15.50 and set an “overweight” rating for the company in a report on Tuesday, January 13th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.75.

Wealthfront Price Performance

Wealthfront (NASDAQ:WLTH) last posted its quarterly earnings data on Monday, January 12th. The company reported $0.21 earnings per share for the quarter. The firm had revenue of $93.22 million for the quarter.

Hedge Funds Weigh In On Wealthfront

Several large investors have recently made changes to their positions in WLTH. Dag Ventures LLC purchased a new position in Wealthfront during the fourth quarter valued at $187,725,000. Index Venture Associates VI Ltd bought a new position in Wealthfront in the 4th quarter worth about $128,567,000. JPMorgan Chase & Co. bought a new stake in Wealthfront during the 4th quarter valued at about $27,725,000. Norges Bank bought a new stake in Wealthfront during the 4th quarter valued at about $13,590,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Wealthfront in the fourth quarter worth approximately $12,231,000.

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.