WEX (NYSE:WEX) Issues FY24 Earnings Guidance

WEX (NYSE:WEX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $16.10-16.60 for the period, compared to the consensus EPS estimate of $16.26. The company issued revenue guidance of $2.73-2.77 billion, compared to the consensus revenue estimate of $2.73 billion. WEX also updated its FY 2024 guidance to 16.100-16.600 EPS.

WEX Trading Up 0.7 %

Shares of NYSE:WEX traded up $1.55 during mid-day trading on Friday, reaching $216.58. 427,401 shares of the company were exchanged, compared to its average volume of 305,160. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $9.07 billion, a price-to-earnings ratio of 35.35, a P/E/G ratio of 1.51 and a beta of 1.59. The firm’s 50-day simple moving average is $230.69 and its 200 day simple moving average is $203.58. WEX has a 1 year low of $161.95 and a 1 year high of $244.04.

WEX (NYSE:WEX) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $656.75 million. WEX had a return on equity of 31.33% and a net margin of 10.46%. Equities research analysts forecast that WEX will post 13.55 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. StockNews.com lowered shares of WEX from a buy rating to a hold rating in a report on Tuesday, March 26th. Citigroup increased their target price on shares of WEX from $240.00 to $280.00 and gave the stock a buy rating in a report on Wednesday, April 17th. Mizuho increased their target price on shares of WEX from $225.00 to $235.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Barclays increased their target price on shares of WEX from $255.00 to $280.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. Finally, Truist Financial increased their target price on shares of WEX from $185.00 to $220.00 and gave the stock a hold rating in a report on Friday, February 9th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $240.00.

Insider Buying and Selling

In related news, insider Ann Elena Drew sold 4,531 shares of WEX stock in a transaction 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 sale, the insider now directly owns 3,653 shares in the company, valued at approximately $796,463.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Ann Elena Drew sold 4,531 shares of WEX stock in a transaction 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 sale, the insider now directly owns 3,653 shares in the company, valued at approximately $796,463.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jagtar Narula sold 1,725 shares of WEX stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $221.07, for a total transaction of $381,345.75. Following the sale, the chief financial officer now owns 1,759 shares in the company, valued at $388,862.13. The disclosure for this sale can be found here. Insiders have sold 28,326 shares of company stock worth $6,281,961 in the last ninety days. 1.10% of the stock is owned by corporate 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.