WEX (NYSE:WEX) Releases Q3 2024 Earnings Guidance

WEX (NYSE:WEX) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 4.420-4.520 for the period, compared to the consensus earnings per share estimate of 4.450. The company issued revenue guidance of $688.0 million-$698.0 million, compared to the consensus revenue estimate of $706.0 million. WEX also updated its FY 2024 guidance to 15.980-16.380 EPS.

Analyst Upgrades and Downgrades

WEX has been the subject of several research reports. Robert W. Baird increased their price objective on shares of WEX from $272.00 to $285.00 and gave the company an outperform rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods cut their price target on WEX from $275.00 to $230.00 and set an outperform rating on the stock in a research note on Monday, July 8th. Jefferies Financial Group raised their price objective on shares of WEX from $235.00 to $240.00 and gave the company a hold rating in a report on Friday, April 12th. Wells Fargo & Company dropped their price target on shares of WEX from $200.00 to $190.00 and set an equal weight rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. cut their price target on shares of WEX from $246.00 to $210.00 and set a neutral rating on the stock in a report on Friday, July 12th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $238.08.

WEX Price Performance

WEX stock traded up $8.31 during midday trading on Friday, hitting $180.44. 521,344 shares of the company’s stock were exchanged, compared to its average volume of 335,291. The stock has a 50-day moving average price of $180.90 and a two-hundred day moving average price of $205.88. WEX has a 52-week low of $161.95 and a 52-week high of $244.04. The company has a market cap of $7.56 billion, a P/E ratio of 29.44, a PEG ratio of 1.04 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 (NYSE:WEX) last announced its earnings results on Thursday, April 25th. The business services provider reported $2.98 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.15. WEX had a net margin of 10.21% and a return on equity of 30.92%. The business had revenue of $652.70 million for the quarter, compared to the consensus estimate of $653.52 million. On average, equities research analysts forecast that WEX will post 13.94 earnings per share for the current year.

Insider Activity

In other news, CAO Jennifer Kimball sold 1,200 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $211.55, for a total value of $253,860.00. Following the completion of the sale, the chief accounting officer now owns 1,909 shares of the company’s stock, valued at approximately $403,848.95. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other WEX news, SVP Sara Trickett sold 734 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $210.43, for a total transaction of $154,455.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jennifer Kimball sold 1,200 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were 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 three months, insiders have sold 4,911 shares of company stock valued at $1,008,402. 1.10% of the stock is currently owned by insiders.

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.