WEX (NYSE:WEX) Updates Q3 2022 Earnings Guidance

WEX (NYSE:WEXGet Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $3.35-$3.45 for the period, compared to the consensus earnings per share estimate of $3.30. The company issued revenue guidance of $580.00 million-$590.00 million, compared to the consensus revenue estimate of $571.58 million. WEX also updated its FY 2022 guidance to $13.05-$13.30 EPS.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on WEX. Barclays lowered their target price on shares of WEX from $232.00 to $217.00 and set an overweight rating on the stock in a report on Tuesday, July 19th. Mizuho lowered their price objective on shares of WEX from $235.00 to $212.00 and set a maintains rating for the company in a research report on Wednesday. Citigroup upgraded shares of WEX from a neutral rating to a buy rating and raised their price objective for the company from $190.00 to $210.00 in a research report on Thursday, June 9th. StockNews.com started coverage on shares of WEX in a research report on Thursday, March 31st. They set a hold rating for the company. Finally, Wells Fargo & Company decreased their price objective on shares of WEX to $206.00 in a report on Friday, July 22nd. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $206.69.

WEX Stock Performance

WEX stock traded down $5.54 during midday trading on Thursday, reaching $164.77. 8,617 shares of the company’s stock were exchanged, compared to its average volume of 376,698. WEX has a 52 week low of $123.01 and a 52 week high of $208.38. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.21 and a current ratio of 1.21. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of 61.71, a P/E/G ratio of 0.86 and a beta of 1.59. The stock’s 50-day simple moving average is $161.92 and its 200 day simple moving average is $163.61.

WEX (NYSE:WEXGet Rating) last posted its quarterly earnings results on Thursday, April 28th. The business services provider reported $2.44 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.03. WEX had a return on equity of 21.38% and a net margin of 6.41%. The business had revenue of $517.54 million during the quarter, compared to analysts’ expectations of $507.87 million. During the same quarter last year, the company posted $1.47 earnings per share. WEX’s quarterly revenue was up 26.0% on a year-over-year basis. On average, analysts expect that WEX will post 11.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other WEX news, insider Melanie J. Tinto sold 782 shares of the firm’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $172.22, for a total transaction of $134,676.04. Following the completion of the sale, the insider now directly owns 6,751 shares in the company, valued at $1,162,657.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Melanie J. Tinto sold 782 shares of WEX stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $172.22, for a total value of $134,676.04. Following the completion of the sale, the insider now directly owns 6,751 shares in the company, valued at $1,162,657.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Robert Joseph Deshaies sold 1,000 shares of WEX stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $165.00, for a total transaction of $165,000.00. Following the completion of the sale, the chief operating officer now owns 9,555 shares of the company’s stock, valued at $1,576,575. The disclosure for this sale can be found here. Insiders sold 3,501 shares of company stock worth $593,780 over the last three months. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC bought a new stake in shares of WEX in the first quarter valued at $44,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of WEX by 111.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 950 shares of the business services provider’s stock valued at $170,000 after buying an additional 500 shares during the period. Edgestream Partners L.P. bought a new stake in shares of WEX in the first quarter valued at $206,000. Vident Investment Advisory LLC raised its stake in shares of WEX by 14.5% in the first quarter. Vident Investment Advisory LLC now owns 1,766 shares of the business services provider’s stock valued at $315,000 after buying an additional 223 shares during the period. Finally, Captrust Financial Advisors raised its stake in shares of WEX by 20.9% during the 1st quarter. Captrust Financial Advisors now owns 1,934 shares of the business services provider’s stock valued at $345,000 after purchasing an additional 334 shares during the period. Hedge funds and other institutional investors own 98.23% of the company’s stock.

WEX Company Profile

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WEX Inc provides financial technology services in the United States and internationally. It operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment offers fleet vehicle payment processing services. Its services include customer, account activation, and account retention services; authorization and billing inquiries, and account maintenance services; credit and collections services; merchant services; analytics solutions with access to web-based data analytics platform that offers insights to fleet managers; and ancillary services and tools to fleets to manage expenses and capital requirements.

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Earnings History and Estimates for WEX (NYSE:WEX)

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