Wealthfront (NASDAQ:WLTH) Announces Quarterly Earnings Results

Wealthfront (NASDAQ:WLTH) posted its earnings results on Thursday. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.02), Zacks reports.

Wealthfront Stock Down 2.2%

Shares of WLTH traded down $0.26 during trading hours on Thursday, reaching $11.50. 1,774,072 shares of the company traded hands, compared to its average volume of 1,409,192. Wealthfront has a fifty-two week low of $7.20 and a fifty-two week high of $14.88. The company’s fifty day moving average price is $10.78.

Institutional Trading of Wealthfront

A number of hedge funds have recently added to or reduced their stakes in WLTH. Tiger Global Management LLC acquired a new stake in Wealthfront in the 4th quarter worth about $205,982,000. Wellington Management Group LLP acquired a new stake in Wealthfront in the 4th quarter worth about $54,182,000. T. Rowe Price Investment Management Inc. acquired a new stake in Wealthfront in the 4th quarter worth about $31,136,000. JPMorgan Chase & Co. acquired a new stake in Wealthfront in the 4th quarter worth about $27,725,000. Finally, Whale Rock Capital Management LLC acquired a new stake in Wealthfront in the 4th quarter worth about $21,744,000.

Wall Street Analyst Weigh In

WLTH has been the topic of several research reports. JPMorgan Chase & Co. lowered their target price on Wealthfront from $16.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, March 12th. Weiss Ratings initiated coverage on Wealthfront in a report on Wednesday, March 11th. They issued a “sell (d)” rating on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $9.50 target price (down from $13.50) on shares of Wealthfront in a report on Thursday, March 12th. Royal Bank Of Canada lowered their target price on Wealthfront from $17.00 to $14.00 and set an “outperform” rating on the stock in a report on Monday, March 9th. Finally, The Goldman Sachs Group lowered their target price on Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a report on Thursday, March 12th. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.33.

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.