WEX (NYSE:WEX) Releases FY 2024 Earnings Guidance

WEX (NYSE:WEX) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 15.980-16.380 for the period, compared to the consensus estimate of 16.250. The company issued revenue guidance of $2.7 billion-$2.7 billion, compared to the consensus revenue estimate of $2.7 billion. WEX also updated its FY24 guidance to $15.98-16.38 EPS.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reduced their target price on shares of WEX from $275.00 to $230.00 and set an outperform rating on the stock in a research note on Monday, July 8th. Wells Fargo & Company assumed coverage on shares of WEX in a research note on Wednesday, June 5th. They set an equal weight rating and a $200.00 price objective on the stock. Barclays lifted their price objective on shares of WEX from $255.00 to $280.00 and gave the stock an overweight rating in a research note on Tuesday, April 16th. Citigroup raised 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. Finally, Robert W. Baird raised their target price on shares of WEX from $272.00 to $285.00 and gave the stock an outperform rating in a report on Monday, April 15th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $238.85.

WEX Stock Performance

WEX stock traded down $6.66 during midday trading on Thursday, reaching $172.13. 886,117 shares of the company were exchanged, compared to its average volume of 333,894. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.06 and a quick ratio of 1.06. The business has a 50-day moving average price of $181.52 and a two-hundred day moving average price of $206.12. WEX has a one year low of $161.95 and a one year high of $244.04. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of 28.48, a price-to-earnings-growth ratio of 1.08 and a beta of 1.54.

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

Insider Activity

In related news, SVP Sara Trickett sold 734 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $210.43, for a total transaction of $154,455.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Sara Trickett sold 734 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $210.43, for a total value of $154,455.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Robert Joseph Deshaies sold 1,897 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $211.01, for a total value of $400,285.97. Following the completion of the sale, the chief operating officer now owns 9,408 shares in the company, valued at $1,985,182.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,911 shares of company stock valued at $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.