WEX (NYSE:WEX) Updates Q3 Earnings Guidance

WEX (NYSE:WEX) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.42-4.52 for the period, compared to the consensus earnings per share estimate of $4.47. The company issued revenue guidance of $688-698 million, compared to the consensus revenue estimate of $705.97 million. WEX also updated its FY 2024 guidance to 15.980-16.380 EPS.

Analysts Set New Price Targets

A number of research firms have issued reports on WEX. Barclays boosted their price objective on shares of WEX from $255.00 to $280.00 and gave the company an overweight rating in a research report on Tuesday, April 16th. Citigroup boosted their price objective on shares of WEX from $240.00 to $280.00 and gave the company a buy rating in a research report on Wednesday, April 17th. JPMorgan Chase & Co. decreased their price objective on shares of WEX from $246.00 to $210.00 and set a neutral rating on the stock in a research report on Friday, July 12th. Jefferies Financial Group boosted their price objective on shares of WEX from $235.00 to $240.00 and gave the company a hold rating in a research report on Friday, April 12th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of WEX from $275.00 to $230.00 and set an outperform rating on the stock in a research report on Monday, July 8th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $238.85.

WEX Price Performance

Shares of WEX opened at $178.84 on Thursday. The stock has a market cap of $7.49 billion, a PE ratio of 29.08, a price-to-earnings-growth ratio of 1.08 and a beta of 1.54. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.06 and a current ratio of 1.06. WEX has a fifty-two week low of $161.95 and a fifty-two week high of $244.04. The firm’s 50-day simple moving average is $182.02 and its two-hundred day simple moving average is $206.31.

WEX (NYSE:WEX) last announced its quarterly earnings data on Thursday, April 25th. The business services provider reported $2.98 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.15. The business had revenue of $652.70 million for the quarter, compared to analysts’ expectations of $653.52 million. WEX had a net margin of 10.21% and a return on equity of 30.92%. Analysts anticipate that WEX will post 13.94 earnings per share for the current fiscal year.

Insider Transactions at WEX

In other news, CFO Jagtar Narula sold 540 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $180.00, for a total value of $97,200.00. Following the transaction, the chief financial officer now owns 8,168 shares in the company, valued at $1,470,240. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Jagtar Narula sold 540 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $180.00, for a total value of $97,200.00. Following the transaction, the chief financial officer now owns 8,168 shares in the company, valued at $1,470,240. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jennifer Kimball sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $211.55, for a total transaction of $253,860.00. Following the completion of the transaction, the chief accounting officer now owns 1,909 shares in the company, valued at approximately $403,848.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,911 shares of company stock worth $1,008,402. Corporate insiders own 1.10% of the company’s stock.

About WEX

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.