WEX (NYSE:WEX) Releases Q3 2024 Earnings Guidance

WEX (NYSE:WEX) updated its third quarter 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 4.420-4.520 for the period, compared to the consensus estimate of 4.450. The company issued revenue guidance of $688.0 million-$698.0 million, compared to the consensus revenue estimate of $706.0 million. WEX also updated its FY 2024 guidance to 15.980-16.380 EPS.

Wall Street Analyst Weigh In

A number of research firms have commented on WEX. Wells Fargo & Company began coverage on WEX in a report on Wednesday, June 5th. They set an equal weight rating and a $200.00 target price on the stock. Citigroup increased their target price on WEX from $240.00 to $280.00 and gave the stock a buy rating in a report on Wednesday, April 17th. Robert W. Baird increased their target price on WEX from $272.00 to $285.00 and gave the stock an outperform rating in a report on Monday, April 15th. Barclays increased their target price on WEX from $255.00 to $280.00 and gave the stock an overweight rating in a report on Tuesday, April 16th. Finally, Jefferies Financial Group increased their target price on WEX from $235.00 to $240.00 and gave the stock a hold rating in a report on Friday, April 12th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, WEX presently has an average rating of Moderate Buy and an average price target of $238.85.

WEX Price Performance

Shares of WEX stock traded down $7.36 during mid-day trading on Thursday, hitting $171.43. 68,487 shares of the stock traded hands, compared to its average volume of 328,136. WEX has a twelve month low of $161.95 and a twelve month high of $244.04. The firm has a market cap of $7.18 billion, a price-to-earnings ratio of 29.08, a price-to-earnings-growth ratio of 1.08 and a beta of 1.54. The company’s 50-day simple moving average is $182.02 and its 200-day simple moving average is $206.31. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.06 and a current ratio of 1.06.

WEX (NYSE:WEX) last issued its quarterly earnings results on Thursday, April 25th. The business services provider reported $2.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.15. WEX had a return on equity of 30.92% and a net margin of 10.21%. The company had revenue of $652.70 million for the quarter, compared to analysts’ expectations of $653.52 million. As a group, equities research analysts expect that WEX will post 13.94 earnings per share for the current year.

Insider Activity

In other news, SVP Sara Trickett sold 734 shares of WEX stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $210.43, for a total transaction of $154,455.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Sara Trickett sold 734 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $210.43, for a total transaction of $154,455.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Jagtar Narula sold 540 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $180.00, for a total value of $97,200.00. Following the sale, the chief financial officer now directly owns 8,168 shares of the company’s stock, valued at $1,470,240. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,911 shares of company stock worth $1,008,402. 1.10% of the stock is owned by company 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.