WEX (NYSE:WEX) Releases FY24 Earnings Guidance

WEX (NYSE:WEX) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $15.98-16.38 for the period, compared to the consensus estimate of $16.26. The company issued revenue guidance of $2.68-2.72 billion, compared to the consensus revenue estimate of $2.74 billion. WEX also updated its FY 2024 guidance to 15.980-16.380 EPS.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WEX. Citigroup lifted their price target on WEX from $240.00 to $280.00 and gave the stock a buy rating in a research note on Wednesday, April 17th. Wells Fargo & Company began coverage on WEX in a research note on Wednesday, June 5th. They issued an equal weight rating and a $200.00 price target on the stock. Barclays lifted their price target on WEX from $255.00 to $280.00 and gave the stock an overweight rating in a research note on Tuesday, April 16th. Keefe, Bruyette & Woods lowered their price target on WEX from $275.00 to $230.00 and set an outperform rating on the stock in a research note on Monday, July 8th. Finally, Robert W. Baird lifted their price target on WEX from $272.00 to $285.00 and gave the stock an outperform rating in a research note on Monday, April 15th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, WEX has a consensus rating of Moderate Buy and an average target price of $238.85.

WEX Trading Down 3.7 %

Shares of WEX stock traded down $6.66 on Thursday, hitting $172.13. The stock had a trading volume of 886,117 shares, compared to its average volume of 333,894. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market capitalization of $7.21 billion, a P/E ratio of 28.48, a P/E/G ratio of 1.08 and a beta of 1.54. WEX has a 1 year low of $161.95 and a 1 year high of $244.04. The company’s 50 day moving average price is $181.52 and its 200-day moving average price is $206.12.

WEX (NYSE:WEX) last posted its quarterly earnings data on Thursday, April 25th. The business services provider reported $2.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.15. The firm had revenue of $652.70 million for the quarter, compared to the consensus estimate of $653.52 million. WEX had a return on equity of 30.92% and a net margin of 10.21%. Analysts anticipate that WEX will post 13.94 earnings per share for the current year.

Insiders Place Their Bets

In other WEX news, CFO Jagtar Narula sold 540 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $180.00, for a total transaction of $97,200.00. Following the sale, the chief financial officer now owns 8,168 shares in the company, valued at approximately $1,470,240. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Jagtar Narula sold 540 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $180.00, for a total transaction of $97,200.00. Following the completion of the transaction, the chief financial officer now directly owns 8,168 shares of the company’s stock, valued at approximately $1,470,240. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Jennifer Kimball sold 1,200 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $211.55, for a total value of $253,860.00. Following the transaction, the chief accounting officer now directly owns 1,909 shares of the company’s stock, valued at $403,848.95. The disclosure for this sale can be found here. Insiders have sold a total of 4,911 shares of company stock worth $1,008,402 in the last quarter. 1.10% of the stock is owned by company 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.