Ieq Capital LLC Purchases New Holdings in Wealthfront $WLTH

Ieq Capital LLC purchased a new position in Wealthfront (NASDAQ:WLTH) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,763,569 shares of the company’s stock, valued at approximately $24,706,000. Ieq Capital LLC owned about 1.85% of Wealthfront at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new position in shares of Wealthfront in the first quarter worth about $1,622,000. Southpoint Capital Advisors LP purchased a new stake in Wealthfront during the 1st quarter valued at about $12,950,000. North Reef Capital Management LP raised its holdings in Wealthfront by 135.2% in 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 acquiring an additional 1,658,624 shares during the last quarter. Board of Trustees of The Leland Stanford Junior University acquired a new position in shares of Wealthfront during the 1st quarter worth approximately $1,928,000. Finally, Jennison Associates LLC purchased a new stake in shares of Wealthfront in the fourth quarter valued at approximately $4,396,000.

Wall Street Analyst Weigh In

Several research firms have recently commented on WLTH. Keefe, Bruyette & Woods reduced their price target on Wealthfront from $11.00 to $10.50 and set a “market perform” rating on the stock in a report on Monday, July 13th. Royal Bank Of Canada reduced their target price on shares of Wealthfront from $14.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, June 5th. JPMorgan Chase & Co. dropped their price target 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. Wells Fargo & Company reduced their price target on shares of Wealthfront from $12.00 to $11.50 and set an “overweight” rating on the stock in a research report on Tuesday, August 4th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Wealthfront in a research report on Monday, July 6th. Four analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $12.42.

Insider Activity

In related news, Director Jaleh Bisharat sold 8,503 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $9.50, for a total transaction of $80,778.50. Following the completion of the transaction, the director owned 8,503 shares in the company, valued at approximately $80,778.50. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lauren Lin sold 4,840 shares of the stock in a transaction dated 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 transaction, the insider owned 158,092 shares in the company, valued at approximately $1,335,877.40. The trade was a 2.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 136,565 shares of company stock valued at $1,193,520 over the last quarter. Company insiders own 27.36% of the company’s stock.

Wealthfront Price Performance

NASDAQ WLTH opened at $9.22 on Friday. The company has a market cap of $1.38 billion and a P/E ratio of -8.95. Wealthfront has a 1-year low of $7.20 and a 1-year high of $14.88. The stock has a 50-day moving average of $9.13 and a two-hundred day moving average of $9.51.

Wealthfront (NASDAQ:WLTH) last issued its quarterly earnings results on Thursday, June 4th. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.02). The business had revenue of $90.48 million for the quarter. Wealthfront’s revenue was up 7.1% compared to the same quarter last year. On average, analysts anticipate that Wealthfront will post 0.42 EPS for the current fiscal year.

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.