WEX (NYSE:WEX) Updates Q2 Earnings Guidance

WEX (NYSE:WEX) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $3.75-3.85 for the period, compared to the consensus estimate of $3.99. The company issued revenue guidance of $675-685 million, compared to the consensus revenue estimate of $676.33 million. WEX also updated its FY 2024 guidance to 16.100-16.600 EPS.

WEX Stock Performance

Shares of WEX stock traded up $1.55 during trading on Friday, reaching $216.58. The company had a trading volume of 427,401 shares, compared to its average volume of 305,160. The firm’s 50 day simple moving average is $230.69 and its two-hundred day simple moving average is $203.58. WEX has a one year low of $161.95 and a one year high of $244.04. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $9.07 billion, a PE ratio of 35.35, a PEG ratio of 1.51 and a beta of 1.59.

WEX (NYSE:WEX) last posted its quarterly earnings results on Thursday, February 8th. The business services provider reported $3.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.29 by ($0.15). The company had revenue of $663.30 million during the quarter, compared to analyst estimates of $656.75 million. WEX had a return on equity of 31.33% and a net margin of 10.46%. Sell-side analysts forecast that WEX will post 13.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Citigroup boosted their target price on shares of WEX from $240.00 to $280.00 and gave the stock a buy rating in a research note on Wednesday, April 17th. TheStreet upgraded WEX from a c rating to a b rating in a report on Thursday, February 8th. JPMorgan Chase & Co. raised their price target on WEX from $205.00 to $239.00 and gave the stock a neutral rating in a research report on Friday, February 9th. Jefferies Financial Group raised their price target on WEX from $235.00 to $240.00 and gave the stock a hold rating in a research report on Friday, April 12th. Finally, Truist Financial increased their price objective on WEX from $185.00 to $220.00 and gave the stock a hold rating in a report on Friday, February 9th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $240.00.

Insiders Place Their Bets

In other news, insider Ann Elena Drew sold 4,531 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total value of $987,893.93. Following the sale, the insider now directly owns 3,653 shares of the company’s stock, valued at approximately $796,463.59. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other WEX news, insider Ann Elena Drew sold 4,531 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total value of $987,893.93. Following the transaction, the insider now directly owns 3,653 shares in the company, valued at $796,463.59. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Jagtar Narula sold 1,725 shares of WEX stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $221.07, for a total transaction of $381,345.75. Following the sale, the chief financial officer now directly owns 1,759 shares of the company’s stock, valued at approximately $388,862.13. The disclosure for this sale can be found here. Insiders have sold 28,326 shares of company stock valued at $6,281,961 in the last three months. 1.10% of the stock is currently owned by corporate insiders.

WEX Company Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.