WEX (NYSE:WEX) Releases Q2 2024 Earnings Guidance

WEX (NYSE:WEX) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 3.750-3.850 for the period, compared to the consensus 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.

WEX Stock Performance

NYSE WEX traded up $1.55 on Friday, hitting $216.58. 427,401 shares of the stock were exchanged, compared to its average volume of 305,160. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.05 and a quick ratio of 1.05. The business’s fifty day moving average is $230.69 and its 200 day moving average is $203.58. WEX has a 52 week low of $161.95 and a 52 week high of $244.04. The company has a market capitalization of $9.07 billion, a PE ratio of 35.35, a P/E/G ratio of 1.51 and a beta of 1.59.

WEX (NYSE:WEX) last posted its quarterly earnings results on Thursday, February 8th. The business services provider reported $3.14 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $656.75 million. Research analysts anticipate that WEX will post 13.55 EPS for the current fiscal year.

Analysts Set New Price Targets

WEX has been the topic of several analyst reports. TheStreet raised shares of WEX from a c rating to a b rating in a research report on Thursday, February 8th. Robert W. Baird increased their price objective on shares of WEX from $272.00 to $285.00 and gave the company an outperform rating in a research report on Monday, April 15th. Citigroup increased their price objective on shares of WEX from $240.00 to $280.00 and gave the company a buy rating in a research report on Wednesday, April 17th. Evercore ISI increased their price objective on shares of WEX from $250.00 to $275.00 and gave the company an outperform rating in a research report on Tuesday, March 26th. Finally, Truist Financial increased their price objective on shares of WEX from $185.00 to $220.00 and gave the company a hold rating in a research report on Friday, February 9th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $240.00.

Insider Buying and Selling

In related news, CFO Jagtar Narula sold 309 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $233.24, for a total transaction of $72,071.16. Following the transaction, the chief financial officer now directly owns 5,528 shares of the company’s stock, valued at $1,289,350.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other WEX news, CFO Jagtar Narula sold 309 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $233.24, for a total transaction of $72,071.16. Following the sale, the chief financial officer now directly owns 5,528 shares in the company, valued at $1,289,350.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Sara Trickett sold 887 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $224.61, for a total transaction of $199,229.07. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,326 shares of company stock valued at $6,281,961. 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.