Dragoneer Investment Group LLC Invests $8.89 Million in Wealthfront $WLTH

Dragoneer Investment Group LLC purchased a new position in Wealthfront (NASDAQ:WLTH) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 654,338 shares of the company’s stock, valued at approximately $8,892,000. Wealthfront accounts for about 0.2% of Dragoneer Investment Group LLC’s investment portfolio, making the stock its 25th biggest position.

Several other institutional investors have also recently made changes to their positions in WLTH. Barclays PLC bought a new position in Wealthfront in the fourth quarter valued at $136,000. Realta Investment Advisors bought a new position in Wealthfront in the fourth quarter valued at $194,000. Hudson Bay Capital Management LP bought a new position in Wealthfront in the fourth quarter valued at $245,000. Gabelli Funds LLC bought a new position in Wealthfront in the fourth quarter valued at $264,000. Finally, Cohen & Steers Inc. bought a new position in Wealthfront in the fourth quarter valued at $272,000.

Wealthfront Trading Down 4.1%

Shares of NASDAQ WLTH opened at $8.44 on Wednesday. Wealthfront has a 52 week low of $7.20 and a 52 week high of $14.88. The business has a fifty day moving average price of $10.80.

Wealthfront (NASDAQ:WLTH) last posted its quarterly earnings results on Thursday, June 4th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.02). The company had revenue of $90.48 million for the quarter. The company’s quarterly revenue was up 7.1% on a year-over-year basis. On average, analysts anticipate that Wealthfront will post 0.42 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on WLTH shares. The Goldman Sachs Group reduced their target price on Wealthfront from $12.00 to $10.50 and set a “neutral” rating on the stock in a research note on Thursday, March 12th. Citizens Jmp reduced their target price on Wealthfront from $20.00 to $17.00 and set a “market outperform” rating on the stock in a research note on Monday, March 16th. JPMorgan Chase & Co. reduced their target price on Wealthfront from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Friday, June 5th. Royal Bank Of Canada reduced their target price on Wealthfront from $14.00 to $13.00 and set an “outperform” rating on the stock in a research note on Friday, June 5th. Finally, Wells Fargo & Company raised their price objective on Wealthfront from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Monday, May 4th. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Wealthfront presently has a consensus rating of “Hold” and an average target price of $12.75.

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.