Wealthfront (NASDAQ:WLTH) Stock Rating Reaffirmed as “Buy” by Needham & Company LLC

Wealthfront (NASDAQ:WLTH)‘s stock had its “buy” rating restated by Needham & Company LLC in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $13.00 price objective on the stock. Needham & Company LLC’s price target indicates a potential upside of 20.28% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the company. Wall Street Zen upgraded Wealthfront from a “sell” rating to a “hold” rating in a research report on Saturday, July 18th. Royal Bank Of Canada dropped their price objective on Wealthfront from $13.00 to $11.00 and set an “outperform” rating on the stock in a research note on Thursday, September 10th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $10.00 target price on shares of Wealthfront in a research report on Thursday, September 10th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Wealthfront in a research report on Friday, October 2nd. Finally, Keefe, Bruyette & Woods decreased their price objective on Wealthfront from $11.00 to $10.50 and set a “market perform” rating for the company in a report on Monday, July 13th. Five 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 company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.29.

Wealthfront Trading Down 0.8%

Shares of NASDAQ:WLTH traded down $0.08 during mid-day trading on Wednesday, reaching $10.81. The stock had a trading volume of 1,617,189 shares, compared to its average volume of 1,746,892. The company has a market cap of $1.69 billion and a P/E ratio of -11.64. Wealthfront has a 1 year low of $7.20 and a 1 year high of $14.88. The business’s 50 day moving average price is $9.78 and its 200 day moving average price is $9.91.

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

Insiders Place Their Bets

In other Wealthfront news, VP Kal Iyer sold 33,583 shares of the business’s stock in a transaction that occurred 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 sale, the vice president owned 269,640 shares of the company’s stock, valued at $2,893,237.20. The trade was a 11.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kenneth A. Goldman sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $10.00, for a total value of $100,000.00. Following the completion of the sale, the director directly owned 49,655 shares in the company, valued at approximately $496,550. The trade was a 16.76% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 270,688 shares of company stock worth $2,796,816. 27.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wealthfront

A number of institutional investors and hedge funds have recently modified their holdings of the company. Congress Asset Management Co. grew its stake in shares of Wealthfront by 22.1% during the third quarter. Congress Asset Management Co. now owns 1,129,703 shares of the company’s stock worth $11,726,000 after purchasing an additional 204,498 shares in the last quarter. Whetstone Capital Advisors LLC boosted its stake in shares of Wealthfront by 10.6% during the second quarter. Whetstone Capital Advisors LLC now owns 604,160 shares of the company’s stock worth $5,401,000 after buying an additional 57,753 shares during the period. Squarepoint Ops LLC purchased a new position in Wealthfront during the second quarter worth about $90,000. Arizona State Retirement System purchased a new position in Wealthfront during the second quarter worth about $102,000. Finally, AXQ Capital LP purchased a new position in Wealthfront during the second quarter worth about $105,000.

About Wealthfront

Wealthfront, Inc is a U.S.-focused financial technology company that provides automated investing, digital financial planning and cash-management services through an online platform. Its services are designed to help individuals manage portfolios, save for financial goals and oversee their finances without relying on traditional branch-based advisory services.

The company’s offerings have included diversified, automated investment portfolios; a cash account for saving and managing everyday funds; financial-planning tools; and lending products such as portfolio lines of credit.