Wealthfront (NASDAQ:WLTH) Now Covered by Analysts at Needham & Company LLC

Analysts at Needham & Company LLC began coverage on shares of Wealthfront (NASDAQ:WLTH) in a report released on Friday, Benzinga reports. The firm set a “buy” rating and a $13.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential upside of 27.58% from the company’s previous close.

Several other brokerages have also weighed in on WLTH. The Goldman Sachs Group restated a “neutral” rating and set a $10.00 target price on shares of Wealthfront in a research report on Thursday, September 10th. Keefe, Bruyette & Woods decreased their price target on Wealthfront from $11.00 to $10.50 and set a “market perform” rating on the stock in a research note on Monday, July 13th. Royal Bank Of Canada dropped their price objective on Wealthfront from $13.00 to $11.00 and set an “outperform” rating for the company in a research note on Thursday, September 10th. JPMorgan Chase & Co. reduced their price objective on Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, June 5th. Finally, Wells Fargo & Company lowered their target price on Wealthfront from $12.00 to $11.50 and set an “overweight” rating on the stock in a report on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Wealthfront has a consensus rating of “Hold” and a consensus price target of $12.14.

Wealthfront Stock Performance

Wealthfront stock opened at $10.19 on Friday. The company has a market cap of $1.59 billion and a P/E ratio of -10.96. Wealthfront has a one year low of $7.20 and a one year high of $14.88. The business has a fifty day moving average of $9.55 and a two-hundred day moving average of $9.75.

Wealthfront (NASDAQ:WLTH) last posted its quarterly earnings results on Wednesday, September 9th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Wealthfront had a negative net margin of 19.42% and a negative return on equity of 14.62%. The business had revenue of $91.87 million for the quarter. The firm’s revenue was up .9% on a year-over-year basis. Sell-side analysts predict that Wealthfront will post 0.41 EPS for the current year.

Insider Activity

In other Wealthfront news, CFO Alan Imberman sold 76,540 shares of the firm’s stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $10.10, for a total transaction of $773,054.00. Following the completion of the transaction, the chief financial officer owned 396,970 shares of the company’s stock, valued at approximately $4,009,397. This trade represents a 16.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Kal Iyer sold 33,583 shares of the business’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $10.73, for a total value of $360,345.59. Following the completion of the transaction, the vice president directly owned 269,640 shares of the company’s stock, valued at approximately $2,893,237.20. This trade represents a 11.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 287,695 shares of company stock worth $2,957,447. 27.36% of the stock is owned by corporate insiders.

Institutional Trading of Wealthfront

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Index Venture Associates VI Ltd acquired a new position in Wealthfront in the 4th quarter valued at about $128,567,000. BlackRock Inc. acquired a new stake in shares of Wealthfront during the 2nd quarter worth about $74,766,000. North Reef Capital Management LP grew its holdings in shares of Wealthfront by 135.2% during the first quarter. North Reef Capital Management LP now owns 2,885,257 shares of the company’s stock worth $26,689,000 after buying an additional 1,658,624 shares in the last quarter. Ieq Capital LLC purchased a new stake in shares of Wealthfront during the second quarter worth about $24,706,000. Finally, Southpoint Capital Advisors LP acquired a new position in shares of Wealthfront in the first quarter valued at approximately $12,950,000.

About Wealthfront

Wealthfront, Inc is a U.S.-based digital wealth management company that provides automated investing, financial planning and cash management services through an online platform and mobile applications. The company is designed to help individuals manage their finances with technology-driven tools and diversified investment portfolios.

Its offerings have included automated investment accounts, tax-efficient portfolio management, financial planning tools, high-yield cash management products and lending services.