Renaissance Technologies LLC Invests $1.62 Million in Wealthfront $WLTH

Renaissance Technologies LLC bought a new stake in Wealthfront (NASDAQ:WLTH) in the 1st quarter, HoldingsChannel reports. The institutional investor bought 175,370 shares of the company’s stock, valued at approximately $1,622,000.

Other hedge funds have also bought and sold shares of the company. Sandia Investment Management LP bought a new stake in Wealthfront during the fourth quarter worth $44,000. Strs Ohio bought a new position in Wealthfront in the 1st quarter valued at $56,000. Barclays PLC purchased a new stake in shares of Wealthfront during the 4th quarter valued at $136,000. Symmetry Investments LP purchased a new stake in shares of Wealthfront during the 4th quarter valued at $190,000. Finally, Hudson Bay Capital Management LP bought a new stake in shares of Wealthfront during the 4th quarter worth $245,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of Wealthfront from $12.00 to $10.50 and set a “neutral” rating for the company in a research report on Thursday, July 2nd. Keefe, Bruyette & Woods lowered 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 report on Monday, July 13th. Wells Fargo & Company dropped their target price on shares of Wealthfront from $12.00 to $11.50 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. 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 note on Saturday, July 18th. Four investment 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, the company currently has a consensus rating of “Hold” and a consensus price target of $12.42.

Insider Buying and Selling

In related news, Director Jaleh Bisharat sold 8,503 shares of the stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $9.50, for a total transaction of $80,778.50. Following the sale, the director owned 8,503 shares of the company’s stock, valued at approximately $80,778.50. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 dated Wednesday, June 17th. The stock was sold at an average price of $8.45, for a total value of $40,898.00. Following the completion of the transaction, the insider owned 158,092 shares of the company’s stock, valued at approximately $1,335,877.40. This represents a 2.97% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 136,565 shares of company stock worth $1,193,520. Insiders own 27.36% of the company’s stock.

Wealthfront Stock Down 2.4%

Shares of NASDAQ:WLTH opened at $9.37 on Thursday. The firm has a market capitalization of $1.40 billion and a PE ratio of -9.10. The company has a 50-day moving average price of $9.15 and a two-hundred day moving average price of $9.50. Wealthfront has a twelve month low of $7.20 and a twelve month high of $14.88.

Wealthfront (NASDAQ:WLTH) last posted 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. Wealthfront’s quarterly revenue was up 7.1% compared to the same quarter last year. Analysts anticipate that Wealthfront will post 0.42 earnings per share for the current fiscal year.

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.