WEX (NYSE:WEX – Get Free Report) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks reports.
A number of other research firms have also commented on WEX. Weiss Ratings upgraded shares of WEX from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, October 30th. Mizuho upped their target price on shares of WEX from $170.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Morgan Stanley increased their price objective on WEX from $172.00 to $178.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 27th. Evercore raised shares of WEX to an “outperform” rating in a research note on Tuesday, July 21st. Finally, Cantor Fitzgerald boosted their price target on shares of WEX from $178.00 to $189.00 and gave the stock a “neutral” rating in a research note on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, WEX currently has an average rating of “Moderate Buy” and an average target price of $191.10.
Read Our Latest Stock Analysis on WEX
WEX Price Performance
Shares of NYSE WEX opened at $180.17 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 3.00. WEX has a twelve month low of $125.29 and a twelve month high of $203.99. The stock has a 50 day moving average of $184.99 and a two-hundred day moving average of $164.88. The stock has a market cap of $5.92 billion, a P/E ratio of 11.07, a P/E/G ratio of 0.73 and a beta of 0.93.
WEX (NYSE:WEX – Get Free Report) last announced its earnings results on Wednesday, October 28th. The business services provider reported $6.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.68 by $0.45. The business had revenue of $780.10 million for the quarter, compared to analyst estimates of $749.74 million. WEX had a net margin of 14.05% and a return on equity of 45.74%. The company’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period last year, the firm posted $4.59 earnings per share. On average, research analysts forecast that WEX will post 18.01 earnings per share for the current year.
Insider Activity at WEX
In other WEX news, COO Robert Deshaies sold 2,000 shares of the stock in a transaction on Monday, October 5th. The stock was sold at an average price of $173.56, for a total value of $347,120.00. Following the completion of the transaction, the chief operating officer owned 17,288 shares in the company, valued at approximately $3,000,505.28. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Joel Alan Dearborn, Jr. sold 3,343 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $200.00, for a total value of $668,600.00. Following the completion of the sale, the chief operating officer directly owned 17,021 shares of the company’s stock, valued at approximately $3,404,200. This trade represents a 16.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 33,452 shares of company stock worth $6,358,960 over the last three months. 1.40% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On WEX
A number of large investors have recently made changes to their positions in WEX. Root Financial Partners LLC acquired a new stake in shares of WEX during the 3rd quarter valued at approximately $25,000. Global Retirement Partners LLC purchased a new stake in shares of WEX during the 2nd quarter worth approximately $26,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of WEX in the 2nd quarter worth approximately $41,000. Heritage Family Offices LLP acquired a new stake in shares of WEX in the 3rd quarter worth approximately $43,000. Finally, Covestor Ltd grew its holdings in shares of WEX by 97.8% in the 3rd quarter. Covestor Ltd now owns 267 shares of the business services provider’s stock worth $45,000 after acquiring an additional 132 shares during the period. Hedge funds and other institutional investors own 97.47% of the company’s stock.
About WEX
WEX Inc (NYSE:WEX) is a financial technology company that provides payment-processing and business-management solutions. Its products are designed to help organizations manage corporate spending, employee benefits and mobility-related expenses through specialized payment accounts, software and data tools.
WEX’s mobility business serves commercial vehicle fleets with fuel cards, fleet-payment programs, expense controls, telematics integrations and related solutions. The company also supports emerging mobility needs, including electric-vehicle charging payments.
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