Ieq Capital LLC Takes $24.71 Million Position in Wealthfront $WLTH

Ieq Capital LLC purchased a new stake in Wealthfront (NASDAQ:WLTH) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,763,569 shares of the company’s stock, valued at approximately $24,706,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Tiger Global Management LLC acquired a new position in Wealthfront in the fourth quarter valued at $205,982,000. Dag Ventures LLC acquired a new stake in shares of Wealthfront during the fourth quarter worth about $187,725,000. Index Venture Associates VI Ltd purchased a new position in shares of Wealthfront during the fourth quarter worth about $128,567,000. BlackRock Inc. acquired a new position in Wealthfront in the 2nd quarter valued at about $74,766,000. Finally, Wellington Management Group LLP acquired a new position in Wealthfront in the 4th quarter valued at about $54,182,000.

Wealthfront Trading Up 0.7%

Shares of WLTH opened at $9.22 on Friday. The firm’s 50-day moving average is $9.13 and its two-hundred day moving average is $9.51. Wealthfront has a twelve month low of $7.20 and a twelve month high of $14.88. The firm has a market capitalization of $1.38 billion and a P/E ratio of -8.95.

Wealthfront (NASDAQ:WLTH) last posted 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 firm had revenue of $90.48 million for the quarter. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. Analysts predict that Wealthfront will post 0.42 EPS for the current year.

Insider Transactions at Wealthfront

In related news, CTO Julien Wetterwald sold 39,810 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $8.46, for a total value of $336,792.60. Following the completion of the transaction, the chief technology officer directly owned 727,052 shares of the company’s stock, valued at $6,150,859.92. This trade represents a 5.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Kal Iyer sold 28,498 shares of the business’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $8.46, for a total value of $241,093.08. Following the sale, the vice president owned 225,771 shares in the company, valued at approximately $1,910,022.66. The trade was a 11.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 136,565 shares of company stock worth $1,193,520. 27.36% of the stock is currently owned by insiders.

Analysts Set New Price Targets

WLTH has been the subject of a number of recent research reports. The Goldman Sachs Group decreased their price objective on Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a research report on Thursday, July 2nd. JPMorgan Chase & Co. cut their price target on Wealthfront from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, June 5th. Royal Bank Of Canada decreased their price target on Wealthfront from $14.00 to $13.00 and set an “outperform” rating for the company in a report on Friday, June 5th. Keefe, Bruyette & Woods lowered their price objective 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. Finally, Wells Fargo & Company dropped their price objective on shares of Wealthfront from $12.00 to $11.50 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.42.

Wealthfront 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.