Bank of America Corp DE Purchases 491,590 Shares of Wealthfront $WLTH

Key Points

• Bank of America acquired 491,590 Wealthfront shares worth approximately $4.4 million, giving it a 0.33% stake. Several other institutional investors also recently initiated positions.
• Wealthfront insiders sold 287,695 shares worth about $3.0 million during the last quarter, although the transactions were conducted under pre-arranged Rule 10b5-1 plans.
• Analysts have a mixed outlook, with an average “Hold” rating and a $12.14 price target. Shares opened at $10.00, while the company recently beat quarterly earnings estimates but continues to report negative margins.

Bank of America Corp DE acquired a new stake in shares of Wealthfront (NASDAQ:WLTH - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 491,590 shares of the company's stock, valued at approximately $4,395,000. Bank of America Corp DE owned 0.33% of Wealthfront as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Royal Bank of Canada acquired a new position in Wealthfront during the 1st quarter worth approximately $27,000. Strs Ohio bought a new position in Wealthfront during the first quarter worth about $56,000. The Manufacturers Life Insurance Company bought a new position in shares of Wealthfront during the 2nd quarter worth approximately $106,000. ICONIQ Capital LLC acquired a new position in shares of Wealthfront in the second quarter valued at $111,000. Finally, SummitTX Capital L.P. acquired a new position in Wealthfront in the 1st quarter valued at about $131,000.

Insider Buying and Selling at Wealthfront

In related news, VP Kal Iyer sold 26,738 shares of the business's stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $10.11, for a total transaction of $270,321.18. Following the sale, the vice president directly owned 232,494 shares in the company, valued at approximately $2,350,514.34. The trade was a 10.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lauren Lin sold 4,574 shares of the stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $10.10, for a total transaction of $46,197.40. Following the completion of the sale, the insider owned 171,816 shares in the company, valued at $1,735,341.60. This represents a 2.59% decrease in their ownership of the stock. 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 quarter, insiders sold 287,695 shares of company stock worth $2,957,447. 27.36% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Royal Bank Of Canada decreased their price target on shares of 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 reiterated a "neutral" rating and issued a $10.00 price target on shares of Wealthfront in a research note on Thursday, September 10th. Weiss Ratings reiterated a "sell (d)" rating on shares of Wealthfront in a research report on Monday, July 6th. JPMorgan Chase & Co. lowered their target price on Wealthfront from $13.00 to $12.00 and set an "overweight" rating for the company in a report on Friday, June 5th. Finally, Wells Fargo & Company decreased their price target 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. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $12.14.

Wealthfront Stock Performance

Shares of NASDAQ WLTH opened at $10.00 on Tuesday. The stock has a market cap of $1.56 billion and a price-to-earnings ratio of -10.75. Wealthfront has a fifty-two week low of $7.20 and a fifty-two week high of $14.88. The firm's 50-day simple moving average is $9.58 and its 200 day simple moving average is $9.77.

Wealthfront (NASDAQ:WLTH - Get Free Report) last released its quarterly earnings results on Wednesday, September 9th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $91.87 million for the quarter. Wealthfront had a negative net margin of 19.42% and a negative return on equity of 14.62%. The business's revenue was up .9% compared to the same quarter last year. On average, sell-side analysts predict that Wealthfront will post 0.41 EPS for the current year.

Wealthfront Profile

Wealthfront, Inc is a U.S.-based digital wealth management company that provides automated investing, financial planning and cash management services through an online platform and mobile applications. The company is designed to help individuals manage their finances with technology-driven tools and diversified investment portfolios.

Its offerings have included automated investment accounts, tax-efficient portfolio management, financial planning tools, high-yield cash management products and lending services.

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