Key Points
- WEX CFO Jagtar Narula sold 1,667 shares for about $301,277, reducing his direct stake by 6.21%. The sale was made under a pre-arranged Rule 10b5-1 trading plan.
- WEX beat quarterly expectations, reporting $6.13 in adjusted earnings per share versus $5.68 expected and $780.1 million in revenue versus $749.7 million expected; revenue rose 12.8% year over year.
- Analysts have a consensus “Moderate Buy” rating and an average price target of $191.10; institutional investors own 97.47% of WEX shares.
WEX Inc. (NYSE:WEX - Get Free Report) CFO Jagtar Narula sold 1,667 shares of the stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $180.73, for a total value of $301,276.91. Following the completion of the transaction, the chief financial officer directly owned 25,184 shares in the company, valued at approximately $4,551,504.32. This represents a 6.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
WEX Trading Down 1.4%
WEX stock opened at $179.74 on Friday. The business has a 50-day simple moving average of $183.45 and a two-hundred day simple moving average of $165.58. The company has a market cap of $5.91 billion, a P/E ratio of 11.10, a P/E/G ratio of 0.72 and a beta of 0.93. WEX Inc. has a 52-week low of $125.29 and a 52-week high of $203.99. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 3.00.
WEX (NYSE:WEX - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The business services provider reported $6.13 earnings per share for the quarter, topping the consensus estimate of $5.68 by $0.45. The firm had revenue of $780.10 million for the quarter, compared to analysts' expectations of $749.74 million. WEX had a net margin of 14.05% and a return on equity of 45.74%. The business's quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.59 EPS. Analysts predict that WEX Inc. will post 18.19 EPS for the current year.
Analyst Ratings Changes
Several research firms have weighed in on WEX. Piper Sandler started coverage on shares of WEX in a research report on Thursday, September 10th. They issued a "neutral" rating and a $209.00 price target on the stock. Wall Street Zen raised shares of WEX from a "hold" rating to a "buy" rating in a research report on Sunday, November 8th. Zacks Research upgraded WEX from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, November 3rd. Cantor Fitzgerald raised their target price on WEX from $178.00 to $189.00 and gave the stock a "neutral" rating in a report on Friday, October 30th. Finally, Weiss Ratings raised WEX from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $191.10.
Get Our Latest Stock Analysis on WEX
Institutional Investors Weigh In On WEX
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP increased its holdings in WEX by 18.2% in the 3rd quarter. First Trust Advisors LP now owns 43,275 shares of the business services provider's stock worth $7,300,000 after acquiring an additional 6,654 shares in the last quarter. Boston Partners lifted its holdings in WEX by 4.4% during the third quarter. Boston Partners now owns 1,559,178 shares of the business services provider's stock valued at $262,894,000 after purchasing an additional 66,150 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in WEX during the third quarter valued at approximately $910,000. Landscape Capital Management L.L.C. purchased a new position in WEX during the third quarter valued at approximately $289,000. Finally, Global Retirement Partners LLC boosted its position in shares of WEX by 322.8% in the third quarter. Global Retirement Partners LLC now owns 778 shares of the business services provider's stock worth $131,000 after purchasing an additional 594 shares during the period. 97.47% of the stock is owned by hedge funds and other institutional investors.
About WEX
(
Get Free Report)
WEX Inc. is a financial technology company that provides payment processing and business management solutions. Founded in 1983 as Wright Express, the company adopted the WEX name in 2012 and is headquartered in Portland, Maine. WEX's fleet business offers payment cards and related services for commercial and government fleets, including tools to manage fuel purchases, vehicle expenses and fleet operations. Its travel and corporate payments business provides solutions such as virtual cards and payment services for travel companies and other businesses.
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