Jennison Associates LLC Invests $4.40 Million in Wealthfront $WLTH

Key Points

• Jennison Associates initiated a new position in Wealthfront, buying 323,476 shares valued at about $4.40 million, equal to roughly 0.22% of the company.
• Wealthfront reported Q results showing an EPS loss of ($1.31) that missed estimates by $0.07 while revenue beat at $96.14 million, and analysts hold a consensus rating of "Hold" with a $12.17 average price target.
• Other institutions—including the Teacher Retirement System of Texas and UBS—also established new stakes in the fourth quarter, indicating rising institutional interest in WLTH shares.

Jennison Associates LLC bought a new position in shares of Wealthfront (NASDAQ:WLTH - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 323,476 shares of the company's stock, valued at approximately $4,396,000. Jennison Associates LLC owned approximately 0.22% of Wealthfront as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of WLTH. Teacher Retirement System of Texas purchased a new stake in shares of Wealthfront during the fourth quarter worth about $2,310,000. UBS Group AG purchased a new stake in shares of Wealthfront during the fourth quarter worth about $2,243,000. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Wealthfront during the fourth quarter worth about $453,000. Wealthfront Advisers LLC purchased a new stake in shares of Wealthfront during the fourth quarter worth about $326,000. Finally, Realta Investment Advisors purchased a new stake in shares of Wealthfront during the fourth quarter worth about $194,000.

Wealthfront Trading Down 0.0%

WLTH opened at $10.77 on Monday. Wealthfront has a twelve month low of $7.20 and a twelve month high of $14.88. The stock's 50-day simple moving average is $9.28.

Wealthfront (NASDAQ:WLTH - Get Free Report) last posted its quarterly earnings results on Wednesday, March 11th. The company reported ($1.31) earnings per share for the quarter, missing analysts' consensus estimates of ($1.24) by ($0.07). The company had revenue of $96.14 million for the quarter, compared to analysts' expectations of $91.95 million. Equities analysts predict that Wealthfront will post 0.46 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Royal Bank Of Canada cut their target price on shares of Wealthfront from $17.00 to $14.00 and set an "outperform" rating for the company in a research note on Monday, March 9th. Wells Fargo & Company lowered their price target on shares of Wealthfront from $12.50 to $12.00 and set an "overweight" rating on the stock in a research report on Thursday, March 12th. KeyCorp initiated coverage on shares of Wealthfront in a research report on Tuesday, January 6th. They set a "sector weight" rating on the stock. Keefe, Bruyette & Woods restated a "market perform" rating and set a $9.50 price target (down from $13.50) on shares of Wealthfront in a research report on Thursday, March 12th. Finally, Citizens Jmp lowered their price target on shares of Wealthfront from $20.00 to $17.00 and set a "market outperform" rating on the stock in a research report on Monday, March 16th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $12.17.

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.

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