Wealthfront (NASDAQ:WLTH) Trading 11.4% Higher – Here’s Why

Wealthfront (NASDAQ:WLTH) shares were up 11.4% on Friday . The stock traded as high as $8.05 and last traded at $8.02. Approximately 1,677,069 shares were traded during trading, an increase of 5% from the average daily volume of 1,604,350 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

Several brokerages have commented on WLTH. Wall Street Zen upgraded Wealthfront from a “sell” rating to a “hold” rating in a research note on Friday, January 23rd. The Goldman Sachs Group set a $12.00 target price on shares of Wealthfront in a research note on Tuesday, January 20th. Zacks Research upgraded shares of Wealthfront to a “hold” rating in a research note on Thursday, January 15th. Finally, Wells Fargo & Company decreased their price objective on shares of Wealthfront from $16.50 to $15.50 and set an “overweight” rating for the company in a report on Tuesday, January 13th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.75.

Wealthfront Trading Up 8.1%

Wealthfront (NASDAQ:WLTH) last released its earnings results on Monday, January 12th. The company reported $0.21 EPS for the quarter. The firm had revenue of $93.22 million for the quarter.

Institutional Trading of Wealthfront

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cohen & Steers Inc. bought a new position in shares of Wealthfront during the fourth quarter worth $272,000. HRT Financial LP bought a new position in shares of Wealthfront during the 4th quarter valued at about $971,000. Monashee Investment Management LLC bought a new position in shares of Wealthfront during the 4th quarter valued at about $4,077,000. TD Asset Management Inc purchased a new position in shares of Wealthfront during the fourth quarter valued at about $500,000. Finally, Seven Grand Managers LLC bought a new stake in shares of Wealthfront in the fourth quarter worth about $2,038,000.

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.