Wealthfront (NASDAQ:WLTH) Sees Unusually-High Trading Volume – Here’s What Happened

Wealthfront (NASDAQ:WLTH) saw strong trading volume on Monday . 1,279,363 shares changed hands during trading, a decline of 10% from the previous session’s volume of 1,418,339 shares.The stock last traded at $8.8830 and had previously closed at $9.85.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Citizens Jmp decreased their price objective on shares of Wealthfront from $20.00 to $17.00 and set a “market outperform” rating for the company in a report on Monday, March 16th. Keefe, Bruyette & Woods lowered their price objective on shares of Wealthfront from $12.00 to $11.00 and set a “market perform” rating for the company in a research report on Friday. JPMorgan Chase & Co. lowered their price objective on shares of Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Friday. The Goldman Sachs Group lowered their price objective on shares of Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Finally, Weiss Ratings initiated coverage on shares of Wealthfront in a research report on Wednesday, March 11th. They set a “sell (d)” rating for the company. Four analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.75.

Wealthfront Stock Down 14.7%

The business has a 50-day simple moving average of $10.87.

Wealthfront (NASDAQ:WLTH) last announced its quarterly earnings results on Thursday, June 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The business had revenue of $90.48 million during the quarter. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, research analysts expect that Wealthfront will post 0.46 earnings per share for the current year.

Institutional Trading of Wealthfront

Several institutional investors and hedge funds have recently added to or reduced their stakes in WLTH. Tiger Global Management LLC acquired a new stake in Wealthfront during the fourth quarter valued at approximately $205,982,000. Dag Ventures LLC acquired a new stake in Wealthfront during the fourth quarter valued at approximately $187,725,000. Index Venture Associates VI Ltd acquired a new stake in Wealthfront during the fourth quarter valued at approximately $128,567,000. Wellington Management Group LLP acquired a new stake in Wealthfront during the fourth quarter valued at approximately $54,182,000. Finally, T. Rowe Price Investment Management Inc. acquired a new stake in Wealthfront during the fourth quarter valued at approximately $31,136,000.

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.