WEX (NYSE:WEX) Issues FY 2024 Earnings Guidance

WEX (NYSE:WEX) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 16.100-16.600 for the period, compared to the consensus EPS estimate of 16.250. The company issued revenue guidance of $2.7 billion-$2.8 billion, compared to the consensus revenue estimate of $2.7 billion. WEX also updated its FY24 guidance to $16.10-16.60 EPS.

Analyst Upgrades and Downgrades

A number of brokerages have commented on WEX. Truist Financial raised their price target on shares of WEX from $185.00 to $220.00 and gave the stock a hold rating in a research note on Friday, February 9th. JPMorgan Chase & Co. raised their price target on shares of WEX from $205.00 to $239.00 and gave the stock a neutral rating in a research note on Friday, February 9th. Robert W. Baird raised their price target on shares of WEX from $272.00 to $285.00 and gave the stock an outperform rating in a research note on Monday, April 15th. Evercore ISI raised their price objective on shares of WEX from $250.00 to $275.00 and gave the stock an outperform rating in a report on Tuesday, March 26th. Finally, TheStreet raised shares of WEX from a c rating to a b rating in a report on Thursday, February 8th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $240.00.

WEX Price Performance

Shares of WEX stock traded up $1.55 during midday trading on Friday, reaching $216.58. The company had a trading volume of 427,462 shares, compared to its average volume of 272,318. The company has a current ratio of 1.06, a quick ratio of 1.05 and a debt-to-equity ratio of 1.73. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 35.22, a price-to-earnings-growth ratio of 1.39 and a beta of 1.59. The stock has a fifty day simple moving average of $230.59 and a 200 day simple moving average of $203.78. WEX has a 1-year low of $161.95 and a 1-year high of $244.04.

WEX (NYSE:WEX) last issued its quarterly earnings results on Thursday, February 8th. The business services provider reported $3.14 earnings per share for the quarter, missing analysts’ consensus estimates of $3.29 by ($0.15). The company had revenue of $663.30 million during the quarter, compared to analyst estimates of $656.75 million. WEX had a net margin of 10.21% and a return on equity of 30.92%. As a group, equities research analysts forecast that WEX will post 13.55 earnings per share for the current year.

Insider Activity at WEX

In other WEX news, insider Ann Elena Drew sold 4,531 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 3,653 shares of the company’s stock, valued at $796,463.59. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other WEX news, CEO Melissa D. Smith sold 13,000 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $222.33, for a total value of $2,890,290.00. Following the transaction, the chief executive officer now directly owns 81,998 shares of the company’s stock, valued at $18,230,615.34. The sale 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 that occurred 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 directly owns 3,653 shares in the company, valued at $796,463.59. The disclosure for this sale can be found here. Insiders sold a total of 28,326 shares of company stock valued at $6,281,961 over the last quarter. 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.