WEX (NYSE:WEX) Issues Q3 2024 Earnings Guidance

WEX (NYSE:WEX) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 4.420-4.520 for the period, compared to the consensus earnings per share 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.

WEX Price Performance

Shares of WEX stock traded up $8.31 during trading on Friday, hitting $180.44. 521,344 shares of the company were exchanged, compared to its average volume of 335,291. The firm has a 50 day moving average price of $180.90 and a 200 day moving average price of $205.88. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of 29.44, a P/E/G ratio of 1.04 and a beta of 1.54. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.73. WEX has a fifty-two week low of $161.95 and a fifty-two week high of $244.04.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on WEX. JPMorgan Chase & Co. decreased their price target on WEX from $246.00 to $210.00 and set a neutral rating for the company in a report on Friday, July 12th. Robert W. Baird lifted their target price on WEX from $272.00 to $285.00 and gave the stock an outperform rating in a research report on Monday, April 15th. Keefe, Bruyette & Woods reduced their price target on WEX from $275.00 to $230.00 and set an outperform rating for the company in a report on Monday, July 8th. Citigroup lifted their price objective on WEX from $240.00 to $280.00 and gave the stock a buy rating in a report on Wednesday, April 17th. Finally, Barclays increased their price objective on shares of WEX from $255.00 to $280.00 and gave the company an overweight rating in a research note on Tuesday, April 16th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, WEX has a consensus rating of Moderate Buy and an average target price of $238.08.

Insider Activity

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