Redwood Investment Management LLC Makes New Investment in WEX Inc. (NYSE:WEX)

Redwood Investment Management LLC acquired a new position in shares of WEX Inc. (NYSE:WEX) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 6,351 shares of the business services provider’s stock, valued at approximately $1,509,000.

Several other large investors also recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. grew its stake in shares of WEX by 0.5% during the first quarter. Jacobs Levy Equity Management Inc. now owns 33,186 shares of the business services provider’s stock valued at $7,883,000 after buying an additional 154 shares during the last quarter. Truvestments Capital LLC grew its stake in shares of WEX by 17.5% during the first quarter. Truvestments Capital LLC now owns 1,819 shares of the business services provider’s stock valued at $432,000 after buying an additional 271 shares during the last quarter. Vident Advisory LLC grew its stake in shares of WEX by 1,610.6% during the first quarter. Vident Advisory LLC now owns 58,264 shares of the business services provider’s stock valued at $13,839,000 after buying an additional 54,858 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of WEX by 0.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 35,375 shares of the business services provider’s stock valued at $8,403,000 after buying an additional 195 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of WEX by 0.6% during the first quarter. Bessemer Group Inc. now owns 735,313 shares of the business services provider’s stock valued at $174,660,000 after buying an additional 4,262 shares during the last quarter. 97.47% of the stock is owned by institutional investors.

WEX Stock Down 0.5 %

WEX stock traded down $0.87 during mid-day trading on Wednesday, reaching $183.32. 357,360 shares of the company were exchanged, compared to its average volume of 337,260. The business has a fifty day moving average of $180.22 and a 200 day moving average of $205.67. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $7.53 billion, a P/E ratio of 30.00, a PEG ratio of 1.10 and a beta of 1.54. WEX Inc. has a 12-month low of $161.95 and a 12-month high of $244.04.

Insiders Place Their Bets

In other news, CFO Jagtar Narula sold 540 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $190.00, for a total transaction of $102,600.00. Following the transaction, the chief financial officer now directly owns 7,628 shares of the company’s stock, valued at $1,449,320. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, COO Robert Joseph Deshaies sold 1,897 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $211.01, for a total value of $400,285.97. Following the transaction, the chief operating officer now directly owns 9,408 shares of the company’s stock, valued at approximately $1,985,182.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Jagtar Narula sold 540 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $190.00, for a total value of $102,600.00. Following the completion of the transaction, the chief financial officer now directly owns 7,628 shares in the company, valued at $1,449,320. The disclosure for this sale can be found here. Insiders sold a total of 4,177 shares of company stock worth $853,946 over the last 90 days. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Citigroup upped their target price on WEX from $240.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. cut their target price on WEX from $246.00 to $210.00 and set a “neutral” rating on the stock in a research note on Friday, July 12th. William Blair raised WEX to a “strong-buy” rating in a research note on Friday, July 26th. Wells Fargo & Company lowered their price target on WEX from $200.00 to $190.00 and set an “equal weight” rating for the company in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods lowered 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. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $240.42.

WEX Company Profile

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.