WEX (NYSE:WEX) Updates Q2 2024 Earnings Guidance

WEX (NYSE:WEX) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 3.750-3.850 for the period, compared to the consensus earnings per share estimate of 3.980. The company issued revenue guidance of $675.0 million-$685.0 million, compared to the consensus revenue estimate of $679.0 million. WEX also updated its FY 2024 guidance to 16.100-16.600 EPS.

WEX Trading Up 0.7 %

NYSE WEX traded up $1.55 on Friday, reaching $216.58. The stock had a trading volume of 427,401 shares, compared to its average volume of 305,160. The firm has a market capitalization of $9.07 billion, a price-to-earnings ratio of 35.35, a P/E/G ratio of 1.51 and a beta of 1.59. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.55. WEX has a 12-month low of $161.95 and a 12-month high of $244.04. The stock has a fifty day moving average price of $230.69 and a two-hundred day moving average price of $203.58.

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

Wall Street Analysts Forecast Growth

WEX has been the topic of a number of recent research reports. Jefferies Financial Group upped their price objective on WEX from $235.00 to $240.00 and gave the stock a hold rating in a research report on Friday, April 12th. Robert W. Baird upped their price objective on WEX from $272.00 to $285.00 and gave the stock an outperform rating in a research report on Monday, April 15th. TheStreet raised WEX from a c rating to a b rating in a research report on Thursday, February 8th. StockNews.com lowered WEX from a buy rating to a hold rating in a research report on Tuesday, March 26th. Finally, William Blair reaffirmed an outperform rating on shares of WEX in a research report on Thursday, February 8th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, WEX presently has a consensus rating of Moderate Buy and a consensus price target of $240.00.

Insider Buying and Selling

In other WEX news, insider Ann Elena Drew sold 4,531 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total value of $987,893.93. Following the completion of the transaction, the insider now owns 3,653 shares in the company, valued at $796,463.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other WEX news, CFO Jagtar Narula sold 309 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $233.24, for a total value of $72,071.16. Following the completion of the transaction, the chief financial officer now owns 5,528 shares in the company, valued at $1,289,350.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ann Elena Drew sold 4,531 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total transaction of $987,893.93. Following the completion of the transaction, the insider now owns 3,653 shares of the company’s stock, valued at approximately $796,463.59. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,326 shares of company stock worth $6,281,961. Corporate insiders own 1.10% of the company’s stock.

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.