Whetstone Capital Advisors LLC Grows Position in Wealthfront $WLTH

Whetstone Capital Advisors LLC raised its holdings in Wealthfront (NASDAQ:WLTH) by 10.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 604,160 shares of the company’s stock after purchasing an additional 57,753 shares during the period. Wealthfront accounts for about 1.4% of Whetstone Capital Advisors LLC’s holdings, making the stock its 20th biggest position. Whetstone Capital Advisors LLC owned 0.40% of Wealthfront worth $5,401,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Wealthfront in the second quarter worth $74,766,000. Renaissance Technologies LLC bought a new stake in shares of Wealthfront during the 1st quarter valued at $1,622,000. Bank of America Corp DE lifted its holdings in Wealthfront by 1,461.0% during the 1st quarter. Bank of America Corp DE now owns 743,163 shares of the company’s stock worth $6,874,000 after purchasing an additional 695,555 shares in the last quarter. Southpoint Capital Advisors LP purchased a new stake in Wealthfront during the 1st quarter worth about $12,950,000. Finally, PEAK6 LLC bought a new position in Wealthfront in the 2nd quarter worth about $2,012,000.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. decreased their price target on Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday, June 5th. Wells Fargo & Company cut their price objective on shares of Wealthfront from $12.00 to $11.50 and set an “overweight” rating for the company in a research report on Tuesday, August 4th. Wall Street Zen raised shares of Wealthfront from a “sell” rating to a “hold” rating in a research note on Saturday, July 18th. Keefe, Bruyette & Woods decreased their target price on shares of Wealthfront from $11.00 to $10.50 and set a “market perform” rating on the stock in a report on Monday, July 13th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Wealthfront in a research note on Monday, July 6th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Wealthfront presently has an average rating of “Hold” and a consensus target price of $12.42.

Wealthfront Stock Down 1.8%

NASDAQ:WLTH opened at $9.46 on Thursday. The stock has a market cap of $1.41 billion and a P/E ratio of -9.18. The business’s 50-day moving average price is $9.33 and its two-hundred day moving average price is $9.61. Wealthfront has a twelve month low of $7.20 and a twelve month high of $14.88.

Wealthfront (NASDAQ:WLTH) last issued its quarterly earnings data on Wednesday, September 9th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $91.87 million for the quarter. The firm’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities research analysts expect that Wealthfront will post 0.4 EPS for the current fiscal year.

Insider Activity at Wealthfront

In other news, CTO Julien Wetterwald sold 39,810 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $8.46, for a total value of $336,792.60. Following the transaction, the chief technology officer owned 727,052 shares of the company’s stock, valued at $6,150,859.92. This represents a 5.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Kal Iyer sold 45,772 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $8.92, for a total transaction of $408,286.24. Following the sale, the vice president owned 254,269 shares in the company, valued at approximately $2,268,079.48. This trade represents a 15.26% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 136,565 shares of company stock worth $1,193,520 in the last 90 days. 27.36% of the stock is currently owned by corporate insiders.

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.