Stock Track | Wealthfront Soars 5.32% in Intraday Trading After Strong IPO Debut
Stock Track
Dec 13
Wealthfront Corp. (WLTH) surged 5.32% intraday on Friday following its highly anticipated IPO debut. The robo-advisor priced its initial public offering at $14 per share, the top end of its marketed range, raising $484.6 million and achieving a fully diluted valuation of $2.63 billion.
The company, the first publicly traded robo-advisor, has attracted investor interest due to its profitable business model and growth potential in the wealth management sector. Wealthfront generates significant revenue from its high-yield cash savings offering, which accounts for over half of its $90 billion in platform assets. The stock's intraday gains reflect optimism about its technology-driven approach and expansion plans.
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