WEX (NYSE:WEX) Issues Earnings Results

WEX (NYSE:WEX) issued its quarterly earnings results on Wednesday. The business services provider reported $4.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.90 by $0.21, FiscalAI reports. WEX had a return on equity of 45.10% and a net margin of 10.81%.The firm had revenue of $672.90 million during the quarter, compared to analyst estimates of $660.89 million.

WEX Stock Up 3.2%

Shares of WEX traded up $4.62 during mid-day trading on Wednesday, reaching $148.90. The company’s stock had a trading volume of 1,429,223 shares, compared to its average volume of 412,914. The company has a market cap of $5.11 billion, a price-to-earnings ratio of 19.36, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98. The business has a fifty day moving average of $153.46 and a 200 day moving average of $158.30. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 3.33. WEX has a 1 year low of $110.45 and a 1 year high of $187.44.

Wall Street Analyst Weigh In

Several equities research analysts have commented on WEX shares. Morgan Stanley initiated coverage on shares of WEX in a research report on Monday. They issued an “equal weight” rating and a $144.00 price target on the stock. Cantor Fitzgerald raised shares of WEX to a “hold” rating in a research note on Tuesday, January 27th. UBS Group dropped their price target on WEX from $185.00 to $172.00 and set a “neutral” rating on the stock in a report on Friday, October 31st. Bank of America upgraded WEX from a “neutral” rating to a “buy” rating and set a $178.00 target price on the stock in a report on Wednesday, October 22nd. Finally, Wall Street Zen raised WEX from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Four investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, WEX currently has a consensus rating of “Hold” and a consensus target price of $168.08.

Insider Activity at WEX

In related news, COO Robert Joseph Deshaies sold 1,506 shares of the stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $149.62, for a total value of $225,327.72. Following the completion of the sale, the chief operating officer directly owned 15,699 shares of the company’s stock, valued at approximately $2,348,884.38. This represents a 8.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen Montgomery Smith bought 1,000 shares of the stock in a transaction on Thursday, November 13th. The shares were acquired at an average cost of $144.25 per share, for a total transaction of $144,250.00. Following the purchase, the director owned 7,971 shares in the company, valued at approximately $1,149,816.75. This represents a 14.35% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On WEX

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV increased its position in WEX by 59.7% during the third quarter. Mercer Global Advisors Inc. ADV now owns 2,446 shares of the business services provider’s stock worth $385,000 after buying an additional 914 shares during the last quarter. Laird Norton Wetherby Wealth Management LLC bought a new stake in shares of WEX during the 3rd quarter worth about $232,000. Elevation Point Wealth Partners LLC acquired a new position in shares of WEX during the 3rd quarter valued at about $240,000. Aquatic Capital Management LLC bought a new position in shares of WEX in the 3rd quarter valued at approximately $188,000. Finally, Nicolet Advisory Services LLC lifted its holdings in WEX by 8.1% in the 3rd quarter. Nicolet Advisory Services LLC now owns 1,362 shares of the business services provider’s stock worth $214,000 after purchasing an additional 102 shares during the last quarter. Institutional investors own 97.47% of the company’s stock.

WEX Company Profile

WEX Inc is a global financial technology company specializing in business payment solutions for fleet, travel, and corporate payments. The company delivers software-driven platforms and card-based services that help businesses automate payment processes, manage expenses and improve operational efficiency across a range of industries, including transportation, healthcare and government.

Founded in 1983 as Wright Express in Portland, Maine, the company began by offering fuel card services to trucking fleets.