Wealthfront $WLTH Shares Acquired by Bank of America Corp DE

Bank of America Corp DE grew its position in Wealthfront (NASDAQ:WLTH - Free Report) by 1,461.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 743,163 shares of the company's stock after acquiring an additional 695,555 shares during the quarter. Bank of America Corp DE owned about 0.50% of Wealthfront worth $6,874,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Tiger Global Management LLC acquired a new stake in Wealthfront during the 4th quarter worth $205,982,000. Dag Ventures LLC acquired a new stake in shares of Wealthfront in the fourth quarter valued at about $187,725,000. Index Venture Associates VI Ltd purchased a new position in shares of Wealthfront in the fourth quarter worth about $128,567,000. Wellington Management Group LLP purchased a new position in shares of Wealthfront in the fourth quarter worth about $54,182,000. Finally, T. Rowe Price Investment Management Inc. acquired a new position in Wealthfront during the fourth quarter worth about $31,136,000.

Wall Street Analysts Forecast Growth

A number of analysts have commented on WLTH shares. Wells Fargo & Company cut their price objective on shares of Wealthfront from $12.00 to $11.50 and set an "overweight" rating for the company in a report on Tuesday, August 4th. Keefe, Bruyette & Woods lowered their target price on Wealthfront from $11.00 to $10.50 and set a "market perform" rating on the stock in a report on Monday, July 13th. Royal Bank Of Canada dropped their price target on Wealthfront from $14.00 to $13.00 and set an "outperform" rating for the company in a research report on Friday, June 5th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Wealthfront in a report on Monday, July 6th. Finally, Wall Street Zen upgraded Wealthfront from a "sell" rating to a "hold" rating in a research report on Saturday, July 18th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Wealthfront presently has an average rating of "Hold" and an average target price of $12.42.

Insider Buying and Selling at Wealthfront

In other Wealthfront news, Director Jaleh Bisharat sold 8,503 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $9.50, for a total transaction of $80,778.50. Following the sale, the director directly owned 8,503 shares in the company, valued at $80,778.50. This represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lauren Lin sold 4,840 shares of the firm's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $8.45, for a total transaction of $40,898.00. Following the completion of the transaction, the insider directly owned 158,092 shares of the company's stock, valued at $1,335,877.40. This represents a 2.97% decrease in their position. 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. Insiders sold 136,565 shares of company stock valued at $1,193,520 in the last 90 days. Corporate insiders own 27.36% of the company's stock.

Wealthfront Stock Up 0.6%

Shares of NASDAQ WLTH opened at $9.43 on Wednesday. The business's 50 day moving average is $9.16 and its two-hundred day moving average is $9.53. Wealthfront has a 52-week low of $7.20 and a 52-week high of $14.88. The firm has a market cap of $1.41 billion and a price-to-earnings ratio of -9.16.

Wealthfront (NASDAQ:WLTH - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $90.48 million for the quarter. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts anticipate that Wealthfront will post 0.42 EPS for the current fiscal year.

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.

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