WEX (NYSE:WEX) Releases 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.

Wall Street Analysts Forecast Growth

Several brokerages have commented on WEX. Mizuho increased their target price on WEX from $225.00 to $235.00 and gave the company a buy rating in a research note on Tuesday, February 13th. Citigroup increased their target price on WEX from $240.00 to $280.00 and gave the company a buy rating in a research note on Wednesday, April 17th. StockNews.com downgraded WEX from a buy rating to a hold rating in a research note on Tuesday, March 26th. William Blair reiterated an outperform rating on shares of WEX in a research note on Thursday, February 8th. Finally, Truist Financial increased their price target on WEX from $185.00 to $220.00 and gave the company a hold rating in a report on Friday, February 9th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, WEX has an average rating of Moderate Buy and a consensus target price of $240.00.

WEX Stock Performance

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. WEX has a 52 week low of $161.95 and a 52 week high of $244.04. The firm’s 50-day simple moving average is $230.69 and its 200 day simple moving average is $203.58. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 35.35, a price-to-earnings-growth ratio of 1.51 and a beta of 1.59. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.55.

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

Insider Buying and Selling

In related news, insider Ann Elena Drew sold 4,531 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was 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 of the company’s stock, valued at approximately $796,463.59. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other WEX news, CFO Jagtar Narula sold 309 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $233.24, for a total transaction of $72,071.16. Following the sale, the chief financial officer now directly owns 5,528 shares of the company’s stock, valued at $1,289,350.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Ann Elena Drew sold 4,531 shares of the firm’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 in the company, valued at $796,463.59. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,326 shares of company stock valued at $6,281,961. 1.10% of the stock is owned by company 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.