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Rating:WisdomTree Had a Tough Monday Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 23, 2012

WisdomTree Had a Tough Monday

News summary by MFWire's editors

An SEC filing disclosing that WisdomTree [profile] chairman Michael Steinhardt and RE Ventures, an early venture capital backer of the firm, are preparing to sell nearly 30 million of their shares of the company sent the stock price down yesterday. And the story, reported early on by MFWire, travelled far -- even the Associated Press took note.

The AP story has only one detail that didn't appear in earlier reports: that venture capital firm RRE Ventures, which is selling its 11 percent stake in WisdomTree, has held the stock for over seven years. And so their sale is not surprising, since venture capital tends to target young companies.

A further note on the subject: WisdomTree's stock was removed from Citigroup's "Top Picks Live" list, though it was still given a "buy" rating by the bank's analysts. It was added last month.

Meanwhile, ETF Trends posted a piece on WisdomTree's decision to close three small ETFs, news that MFWire reported on Friday.

No unexpected revelations in either the AP or the ETF Trends piece, but surely WisdomTree execs -- and stockholders -- are hoping for a gentler day of news today.  

Edited by: Chris Cumming

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