WEX (NYSE:WEX) Issues FY24 Earnings Guidance

WEX (NYSE:WEX) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $15.98-16.38 for the period, compared to the consensus EPS estimate of $16.26. The company issued revenue guidance of $2.68-2.72 billion, compared to the consensus revenue estimate of $2.74 billion. WEX also updated its FY 2024 guidance to 15.980-16.380 EPS.

WEX Stock Performance

NYSE:WEX traded up $8.31 during mid-day trading on Friday, hitting $180.44. 533,702 shares of the company traded hands, compared to its average volume of 419,356. The company has a quick ratio of 1.06, a current ratio of 1.03 and a debt-to-equity ratio of 1.66. The stock’s fifty day moving average price is $180.54 and its 200-day moving average price is $205.75. The firm has a market cap of $7.56 billion, a price-to-earnings ratio of 29.34, a price-to-earnings-growth ratio of 1.00 and a beta of 1.54. WEX has a one year low of $161.95 and a one year high of $244.04.

WEX (NYSE:WEX) last announced its quarterly earnings data on Thursday, April 25th. The business services provider reported $2.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.15. WEX had a return on equity of 31.05% and a net margin of 9.32%. The company had revenue of $652.70 million during the quarter, compared to the consensus estimate of $653.52 million. Research analysts anticipate that WEX will post 13.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

WEX has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price objective 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. William Blair upgraded WEX to a strong-buy rating in a research note on Friday. Citigroup raised their price target on WEX from $240.00 to $280.00 and gave the company a buy rating in a report on Wednesday, April 17th. JPMorgan Chase & Co. dropped their price objective on WEX from $246.00 to $210.00 and set a neutral rating for the company in a research note on Friday, July 12th. Finally, Keefe, Bruyette & Woods decreased their target price on WEX from $275.00 to $230.00 and set an outperform rating on the stock in a research note on Monday, July 8th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, WEX presently has a consensus rating of Moderate Buy and a consensus target price of $238.08.

Insiders Place Their Bets

In related news, COO Robert Joseph Deshaies sold 1,897 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $211.01, for a total value of $400,285.97. Following the sale, the chief operating officer now owns 9,408 shares in the company, valued at $1,985,182.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Robert Joseph Deshaies sold 1,897 shares of WEX stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $211.01, for a total value of $400,285.97. Following the completion of the transaction, the chief operating officer now owns 9,408 shares in the company, valued at $1,985,182.08. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Jagtar Narula sold 540 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $190.00, for a total value of $102,600.00. Following the sale, the chief financial officer now directly owns 7,628 shares in the company, valued at $1,449,320. The disclosure for this sale can be found here. Insiders have sold a total of 4,911 shares of company stock valued at $1,008,402 in the last quarter. 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.