Wealthfront drops as brokerages cut PTs after Q4 results

Shares of robo-adviser Wealthfront WLTH.O fall 6% to $7.8 premarket

At least 3 brokerages cut PT after WLTH posts Q4 net loss of $1.31 per share, vs. profit of 23 cents a year earlier

WLTH books $310.7 million in expenses, compared with $51.8 million a year earlier, primarily due to higher one-time stock-based compensation (SBC) expense of $239 million

KBW downgrades WLTH to "market perform" from "outperform" and cuts PT to $9.5 from $13.5 citing cash outflows and fee rate headwinds

Wells Fargo and JPM also cut PT to $12 and $10, respectively

4 of 7 analysts rate stock "strong buy" or "buy" and 3 "hold"; median PT is $12 - data compiled by LSEG

As of last close, WLTH down 38% YTD