Wealthfront (NASDAQ:WLTH) Research Coverage Started at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Wealthfront (NASDAQ:WLTH) in a research report released on Friday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $13.00 target price on the stock.

Several other research firms have also recently commented on WLTH. Keefe, Bruyette & Woods dropped their target price on shares of Wealthfront from $11.00 to $10.50 and set a “market perform” rating on the stock in a research report on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Wealthfront in a report on Monday, July 6th. Wall Street Zen upgraded Wealthfront from a “sell” rating to a “hold” rating in a report on Saturday, July 18th. Wells Fargo & Company cut their price objective on Wealthfront from $12.00 to $11.50 and set an “overweight” rating on the stock in a research report on Tuesday, August 4th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $10.00 price objective on shares of Wealthfront in a research note on Thursday, September 10th. Five analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.14.

Wealthfront Price Performance

Shares of WLTH stock opened at $10.18 on Friday. The firm has a 50-day moving average of $9.57 and a 200-day moving average of $9.77. Wealthfront has a one year low of $7.20 and a one year high of $14.88. The company has a market cap of $1.59 billion and a P/E ratio of -10.95.

Wealthfront (NASDAQ:WLTH) last released its quarterly earnings results on Wednesday, September 9th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate 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 business’s revenue was up .9% compared to the same quarter last year. As a group, research analysts expect that Wealthfront will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Wealthfront news, Director Kenneth Goldman sold 10,000 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $10.00, for a total transaction of $100,000.00. Following the sale, the director owned 49,655 shares of the company’s stock, valued at $496,550. The trade was a 16.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lauren Lin sold 16,117 shares of the firm’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 $172,935.41. Following the completion of the transaction, the insider directly owned 181,385 shares of the company’s stock, valued at $1,946,261.05. The trade was a 8.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 287,695 shares of company stock worth $2,957,447 in the last 90 days. 27.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada bought a new stake in shares of Wealthfront during the first quarter valued at about $27,000. Strs Ohio bought a new position in shares of Wealthfront in the first quarter valued at approximately $56,000. Squarepoint Ops LLC purchased a new position in Wealthfront during the second quarter valued at approximately $90,000. Arizona State Retirement System purchased a new position in Wealthfront during the second quarter valued at approximately $102,000. Finally, AXQ Capital LP bought a new stake in Wealthfront during the 2nd quarter worth approximately $105,000.

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.