WEX (NYSE:WEX) Releases Q3 2024 Earnings Guidance

WEX (NYSE:WEX) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 4.420-4.520 for the period, compared to the consensus 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.

WEX Stock Performance

Shares of WEX stock opened at $180.44 on Friday. The firm has a market cap of $7.56 billion, a price-to-earnings ratio of 29.34, a price-to-earnings-growth ratio of 1.05 and a beta of 1.54. The stock’s 50-day moving average is $180.54 and its 200-day moving average is $205.75. WEX has a one year low of $161.95 and a one year high of $244.04. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.03 and a quick ratio of 1.06.

WEX (NYSE:WEX) last issued its quarterly earnings results on Thursday, April 25th. The business services provider reported $2.98 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.15. The company had revenue of $652.70 million for the quarter, compared to analyst estimates of $653.52 million. WEX had a return on equity of 31.05% and a net margin of 9.32%. Equities analysts predict that WEX will post 13.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

WEX has been the topic of a number of research reports. Keefe, Bruyette & Woods cut their price target on WEX from $275.00 to $230.00 and set an outperform rating on the stock in a report on Monday, July 8th. Citigroup upped their target price on WEX from $240.00 to $280.00 and gave the stock a buy rating in a report on Wednesday, April 17th. Wells Fargo & Company dropped their target price on WEX from $200.00 to $190.00 and set an equal weight rating on the stock in a report on Friday. Jefferies Financial Group upped their target price on WEX from $235.00 to $240.00 and gave the stock a hold rating in a report on Friday, April 12th. Finally, William Blair upgraded WEX to a strong-buy rating in a report on Friday. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $238.08.

Insiders Place Their Bets

In other WEX news, SVP Sara Trickett sold 734 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $210.43, for a total transaction of $154,455.62. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Sara Trickett sold 734 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $210.43, for a total value of $154,455.62. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Robert Joseph Deshaies sold 1,897 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $211.01, for a total value of $400,285.97. Following the completion of the transaction, the chief operating officer now directly owns 9,408 shares in the company, valued at approximately $1,985,182.08. The disclosure for this sale can be found here. Insiders have sold a total of 4,911 shares of company stock valued at $1,008,402 over the last 90 days. 1.10% of the stock is currently owned by 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.