Wealthfront (NASDAQ:WLTH) Trading 5.4% Higher – Here’s Why

Wealthfront (NASDAQ:WLTH) shares rose 5.4% on Monday . The company traded as high as $9.40 and last traded at $9.2880. Approximately 461,449 shares were traded during trading, a decline of 73% from the average daily volume of 1,685,760 shares. The stock had previously closed at $8.81.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Zacks Research upgraded shares of Wealthfront to a “hold” rating in a research note on Thursday, January 15th. KeyCorp assumed coverage on shares of Wealthfront in a research note on Tuesday, January 6th. They issued a “sector weight” rating on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $9.50 price target (down from $13.50) on shares of Wealthfront in a research report on Thursday, March 12th. Citizens Jmp cut their price target on shares of Wealthfront from $20.00 to $17.00 and set a “market outperform” rating for the company in a research note on Monday, March 16th. Finally, JPMorgan Chase & Co. decreased their price objective on Wealthfront from $16.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, March 12th. Four equities research 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’s stock. According to MarketBeat.com, Wealthfront has an average rating of “Hold” and an average price target of $12.17.

Wealthfront Price Performance

The company’s fifty day simple moving average is $8.48.

Wealthfront (NASDAQ:WLTH) last posted its earnings results on Wednesday, March 11th. The company reported ($1.31) earnings per share for the quarter, missing the consensus estimate of ($1.24) by ($0.07). The firm had revenue of $96.14 million for the quarter, compared to analyst estimates of $91.95 million.

Institutional Trading of Wealthfront

Hedge funds have recently modified their holdings of the company. Tiger Global Management LLC acquired a new position in shares of Wealthfront in the 4th quarter worth approximately $205,982,000. Dag Ventures LLC acquired a new stake in Wealthfront during the 4th quarter valued at $187,725,000. Index Venture Associates VI Ltd bought a new position in Wealthfront in the 4th quarter valued at $128,567,000. Wellington Management Group LLP bought a new position in Wealthfront in the 4th quarter valued at $54,182,000. Finally, T. Rowe Price Investment Management Inc. acquired a new position in Wealthfront in the fourth quarter worth $31,136,000.

About Wealthfront

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.