Pillsbury Lake Capital LLC Takes Position in Wealthfront $WLTH

Key Points

• Pillsbury Lake Capital acquired 1,025,030 Wealthfront shares worth approximately $9.16 million, representing about 0.69% of the company. Several other institutional investors also recently initiated positions.
• Wealthfront shares fell 1.7% to $9.25, while the company’s latest quarterly EPS of $0.07 missed the $0.09 consensus estimate; revenue increased 7.1% year over year to $90.48 million.
• Insiders sold 136,565 shares worth roughly $1.19 million over the past 90 days. Analysts maintain a consensus “Hold” rating with an average price target of $12.42.

Pillsbury Lake Capital LLC purchased a new stake in shares of Wealthfront (NASDAQ:WLTH - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,025,030 shares of the company's stock, valued at approximately $9,163,768. Wealthfront accounts for about 0.0% of Pillsbury Lake Capital LLC's holdings, making the stock its 21st largest position. Pillsbury Lake Capital LLC owned about 0.69% of Wealthfront at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Royal Bank of Canada acquired a new stake in shares of Wealthfront during the first quarter worth $27,000. Sandia Investment Management LP acquired a new stake in shares of Wealthfront in the 4th quarter valued at approximately $44,000. Strs Ohio bought a new position in Wealthfront in the first quarter valued at approximately $56,000. Barclays PLC bought a new stake in shares of Wealthfront during the 4th quarter valued at about $136,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Wealthfront during the 2nd quarter valued at $106,000.

Insider Transactions at Wealthfront

In other news, CTO Julien Wetterwald sold 39,810 shares of Wealthfront stock in a transaction 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 in the company, valued at approximately $6,150,859.92. The trade was a 5.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lauren Lin sold 4,840 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $8.45, for a total value of $40,898.00. Following the sale, the insider directly owned 158,092 shares in the company, valued at $1,335,877.40. This trade represents a 2.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 136,565 shares of company stock valued at $1,193,520 over the last ninety days. Company insiders own 27.36% of the company's stock.

Wealthfront Trading Down 1.7%

Shares of WLTH stock traded down $0.16 on Friday, reaching $9.25. 942,042 shares of the stock were exchanged, compared to its average volume of 1,474,873. The business's 50 day moving average price is $9.19 and its 200 day moving average price is $9.54. The company has a market capitalization of $1.38 billion and a price-to-earnings ratio of -8.98. Wealthfront has a twelve month low of $7.20 and a twelve month high of $14.88.

Wealthfront (NASDAQ:WLTH - Get Free Report) last announced its quarterly earnings data on Thursday, June 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.02). The company had revenue of $90.48 million during the quarter. The business's quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts forecast that Wealthfront will post 0.42 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on WLTH shares. Wall Street Zen upgraded Wealthfront from a "sell" rating to a "hold" rating in a research note on Saturday, July 18th. The Goldman Sachs Group reduced their price target on Wealthfront from $12.00 to $10.50 and set a "neutral" rating on the stock in a research note on Thursday, July 2nd. JPMorgan Chase & Co. lowered their target price on Wealthfront from $13.00 to $12.00 and set an "overweight" rating on the stock in a report on Friday, June 5th. Keefe, Bruyette & Woods decreased 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 note on Monday, July 13th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Wealthfront in a report on Monday, July 6th. Four 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, the stock presently has a consensus rating of "Hold" and a consensus target price of $12.42.

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.