Bank of America upgraded shares of WEX (NYSE:WEX) from a neutral rating to a buy rating in a research note published on Wednesday, PriceTargets.com reports. Bank of America currently has $233.00 price target on the business services provider’s stock.
Several other equities analysts have also recently issued reports on WEX. Credit Suisse Group assumed coverage on WEX in a research note on Tuesday, July 6th. They issued a hold rating and a $210.00 price objective for the company. Morgan Stanley reduced their price objective on WEX from $200.00 to $195.00 and set an equal weight rating for the company in a research note on Friday, July 30th. Cowen dropped their target price on WEX from $260.00 to $240.00 and set an outperform rating on the stock in a report on Friday, July 30th. Mizuho upped their price objective on WEX from $225.00 to $235.00 and gave the stock a buy rating in a report on Monday, August 2nd. Finally, JPMorgan Chase & Co. decreased their target price on WEX from $223.00 to $198.00 and set a neutral rating on the stock in a research report on Tuesday, August 17th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $228.77.
Shares of WEX stock opened at $184.68 on Wednesday. WEX has a fifty-two week low of $122.64 and a fifty-two week high of $234.64. The firm has a market capitalization of $8.27 billion, a P/E ratio of -24.27, a PEG ratio of 0.87 and a beta of 1.94. The stock’s fifty day moving average is $176.19 and its two-hundred day moving average is $193.23. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.16 and a current ratio of 1.16.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Federated Hermes Inc. boosted its position in shares of WEX by 22.0% in the first quarter. Federated Hermes Inc. now owns 512,658 shares of the business services provider’s stock worth $107,259,000 after buying an additional 92,328 shares during the period. Thompson Siegel & Walmsley LLC lifted its position in shares of WEX by 11.6% in the second quarter. Thompson Siegel & Walmsley LLC now owns 64,481 shares of the business services provider’s stock worth $12,503,000 after buying an additional 6,687 shares during the last quarter. Cambiar Investors LLC acquired a new stake in shares of WEX in the first quarter worth about $8,129,000. Premier Fund Managers Ltd lifted its position in shares of WEX by 23.6% in the second quarter. Premier Fund Managers Ltd now owns 215,630 shares of the business services provider’s stock worth $41,419,000 after buying an additional 41,130 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of WEX by 7.2% in the second quarter. Deutsche Bank AG now owns 27,398 shares of the business services provider’s stock worth $5,312,000 after buying an additional 1,847 shares during the last quarter.
WEX Inc provides financial technology services in North America, the Asia Pacific, and Europe. 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; premium fleet 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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