WEX (NYSE:WEX) Updates Q2 2024 Earnings Guidance

WEX (NYSE:WEX) updated its second quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 3.750-3.850 for the period, compared to the consensus EPS estimate of 3.980. The company issued revenue guidance of $675.0 million-$685.0 million, compared to the consensus revenue estimate of $679.0 million. WEX also updated its FY 2024 guidance to 16.100-16.600 EPS.

Wall Street Analysts Forecast Growth

Several research firms recently commented on WEX. TheStreet upgraded WEX from a c rating to a b rating in a report on Thursday, February 8th. StockNews.com cut WEX from a buy rating to a hold rating in a research report on Tuesday, March 26th. Citigroup boosted their price target on WEX from $240.00 to $280.00 and gave the stock a buy rating in a report on Wednesday, April 17th. Mizuho boosted their price target on WEX from $225.00 to $235.00 and gave the stock a buy rating in a report on Tuesday, February 13th. Finally, Truist Financial boosted their price target on WEX from $185.00 to $220.00 and gave the stock a hold rating in a report on Friday, February 9th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $240.00.

WEX Price Performance

NYSE:WEX traded up $1.55 during trading hours on Friday, reaching $216.58. The stock had a trading volume of 427,401 shares, compared to its average volume of 305,160. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.05 and a current ratio of 1.05. WEX has a 52 week low of $161.95 and a 52 week high of $244.04. The company has a 50 day moving average price of $230.69 and a two-hundred day moving average price of $203.58. The stock has a market capitalization of $9.07 billion, a PE ratio of 35.35, a PEG ratio of 1.51 and a beta of 1.59.

WEX (NYSE:WEX) last released its quarterly earnings data on Thursday, February 8th. The business services provider reported $3.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.29 by ($0.15). WEX had a return on equity of 31.33% and a net margin of 10.46%. The firm had revenue of $663.30 million during the quarter, compared to the consensus estimate of $656.75 million. As a group, sell-side analysts anticipate that WEX will post 13.55 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Melissa D. Smith sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $222.33, for a total transaction of $2,890,290.00. Following the transaction, the chief executive officer now owns 81,998 shares of the company’s stock, valued at approximately $18,230,615.34. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Jagtar Narula sold 309 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $233.24, for a total transaction of $72,071.16. Following the completion of the sale, the chief financial officer now directly owns 5,528 shares in the company, valued at approximately $1,289,350.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Melissa D. Smith sold 13,000 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $222.33, for a total value of $2,890,290.00. Following the sale, the chief executive officer now owns 81,998 shares of the company’s stock, valued at $18,230,615.34. The disclosure for this sale can be found here. Insiders have sold a total of 28,326 shares of company stock valued at $6,281,961 in the last quarter. 1.10% of the stock is currently owned by insiders.

WEX Company Profile

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.