WEX (NYSE:WEX) Updates 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

A number of brokerages recently weighed in on WEX. Robert W. Baird lifted their price objective on shares of WEX from $272.00 to $285.00 and gave the company an outperform rating in a report on Monday, April 15th. JPMorgan Chase & Co. decreased their price objective on shares of WEX from $246.00 to $210.00 and set a neutral rating for the company in a report on Friday, July 12th. Wells Fargo & Company started coverage on shares of WEX in a report on Wednesday, June 5th. They set an equal weight rating and a $200.00 price objective for the company. Jefferies Financial Group boosted their price target on shares of WEX from $235.00 to $240.00 and gave the company a hold rating in a report on Friday, April 12th. Finally, Barclays boosted their price target on shares of WEX from $255.00 to $280.00 and gave the company an overweight rating in a report on Tuesday, April 16th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $238.85.

WEX Stock Down 3.7 %

Shares of NYSE WEX traded down $6.66 during trading hours on Thursday, hitting $172.13. 886,117 shares of the stock were exchanged, compared to its average volume of 333,894. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.73. The company has a market cap of $7.21 billion, a PE ratio of 28.48, a PEG ratio of 1.08 and a beta of 1.54. The firm has a fifty day moving average price of $181.52 and a 200-day moving average price of $206.12. WEX has a 12 month low of $161.95 and a 12 month high of $244.04.

WEX (NYSE:WEX) last posted its quarterly earnings data on Thursday, April 25th. The business services provider reported $2.98 EPS for the quarter, topping the consensus estimate of $2.83 by $0.15. The firm had revenue of $652.70 million during the quarter, compared to analyst estimates of $653.52 million. WEX had a net margin of 10.21% and a return on equity of 30.92%. On average, sell-side analysts expect that WEX will post 13.94 EPS for the current year.

Insider Buying and Selling at WEX

In other WEX news, SVP Sara Trickett sold 734 shares of the company’s stock in a transaction that occurred 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 document filed with the SEC, which is available at this hyperlink. In other WEX news, SVP Sara Trickett sold 734 shares of the company’s stock in a transaction that occurred 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 document filed with the SEC, which is available at this hyperlink. Also, CFO Jagtar Narula sold 540 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $190.00, for a total transaction of $102,600.00. Following the transaction, the chief financial officer now owns 7,628 shares in the company, valued at approximately $1,449,320. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,911 shares of company stock worth $1,008,402. 1.10% of the stock is owned by corporate 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.