WEX (NYSE:WEX) Releases FY 2024 Earnings Guidance

WEX (NYSE:WEX) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 15.210-15.310 for the period, compared to the consensus earnings per share estimate of 16.050. The company issued revenue guidance of $2.6 billion-$2.6 billion, compared to the consensus revenue estimate of $2.7 billion. WEX also updated its Q4 guidance to $3.51-3.61 EPS.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Bank of America increased their target price on WEX from $238.00 to $255.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. William Blair raised WEX to a “strong-buy” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods decreased their price objective on WEX from $275.00 to $230.00 and set an “outperform” rating on the stock in a report on Monday, July 8th. JPMorgan Chase & Co. decreased their price objective on WEX from $210.00 to $200.00 and set a “neutral” rating on the stock in a report on Tuesday, August 20th. Finally, Jefferies Financial Group lifted their price objective on WEX from $190.00 to $210.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $232.92.

WEX Price Performance

WEX traded down $2.28 during trading on Friday, hitting $178.85. The company’s stock had a trading volume of 773,768 shares, compared to its average volume of 354,934. The firm’s 50 day moving average price is $199.68 and its two-hundred day moving average price is $194.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.66. WEX has a 12 month low of $161.95 and a 12 month high of $244.04. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 30.95, a price-to-earnings-growth ratio of 1.19 and a beta of 1.55.

WEX (NYSE:WEX) last issued its quarterly earnings data on Thursday, July 25th. The business services provider reported $3.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.09. WEX had a return on equity of 31.05% and a net margin of 9.32%. The firm had revenue of $673.50 million during the quarter, compared to the consensus estimate of $677.44 million. Sell-side analysts forecast that WEX will post 13.68 earnings per share for the current fiscal year.

Insider Buying and Selling at WEX

In other WEX news, CFO Jagtar Narula sold 508 shares of WEX stock in a transaction on Friday, September 13th. The stock was sold at an average price of $200.00, for a total value of $101,600.00. Following the completion of the transaction, the chief financial officer now owns 7,120 shares in the company, valued at approximately $1,424,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Jagtar Narula sold 508 shares of WEX stock in a transaction on Friday, September 13th. The stock was sold at an average price of $200.00, for a total value of $101,600.00. Following the completion of the sale, the chief financial officer now directly owns 7,120 shares of the company’s stock, valued at approximately $1,424,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Melanie J. Tinto sold 1,564 shares of WEX stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $185.04, for a total value of $289,402.56. Following the completion of the sale, the insider now directly owns 8,461 shares of the company’s stock, valued at $1,565,623.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,905 shares of company stock worth $895,107. 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.