Kal Iyer Sells 45,772 Shares of Wealthfront (NASDAQ:WLTH) Stock

Wealthfront (NASDAQ:WLTH) VP Kal Iyer sold 45,772 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $8.92, for a total value of $408,286.24. Following the completion of the transaction, the vice president directly owned 254,269 shares in the company, valued at $2,268,079.48. This trade represents a 15.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wealthfront Stock Up 0.1%

Shares of NASDAQ:WLTH opened at $8.44 on Friday. The company’s 50 day moving average is $10.75. Wealthfront has a 12-month low of $7.20 and a 12-month high of $14.88.

Wealthfront (NASDAQ:WLTH) last released its earnings results on Thursday, June 4th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The business had revenue of $90.48 million for the quarter. The company’s quarterly revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts expect that Wealthfront will post 0.42 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on WLTH. The Goldman Sachs Group lowered their target price on shares of Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. Royal Bank Of Canada decreased their price target on Wealthfront from $14.00 to $13.00 and set an “outperform” rating on the stock in a report on Friday, June 5th. Weiss Ratings started coverage on Wealthfront in a research note on Wednesday, March 11th. They issued a “sell (d)” rating for the company. Keefe, Bruyette & Woods cut their target price on Wealthfront from $12.00 to $11.00 and set a “market perform” rating for the company in a research report on Friday, June 5th. Finally, JPMorgan Chase & Co. decreased their target price on Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, June 5th. Four research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $12.75.

Institutional Trading of Wealthfront

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tiger Global Management LLC bought a new position in shares of Wealthfront during the 4th quarter valued at about $205,982,000. Dag Ventures LLC bought a new stake in shares of Wealthfront in the fourth quarter worth about $187,725,000. Index Venture Associates VI Ltd purchased a new stake in shares of Wealthfront in the fourth quarter worth about $128,567,000. Wellington Management Group LLP bought a new position in Wealthfront during the fourth quarter valued at approximately $54,182,000. Finally, North Reef Capital Management LP grew its holdings in Wealthfront by 135.2% during the 1st quarter. North Reef Capital Management LP now owns 2,885,257 shares of the company’s stock valued at $26,689,000 after buying an additional 1,658,624 shares in 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.