Formula Growth Ltd. Takes $1.16 Million Position in WEX Inc. $WEX

Formula Growth Ltd. purchased a new position in WEX Inc. (NYSE:WEX) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,200 shares of the business services provider’s stock, valued at approximately $1,157,000.

Other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new position in WEX during the second quarter valued at approximately $5,982,000. Corient Private Wealth LP purchased a new stake in WEX in the 2nd quarter worth approximately $3,795,000. Bank of America Corp DE bought a new position in WEX in the 2nd quarter valued at $115,086,000. Jupiter Topco LLC purchased a new position in shares of WEX during the 2nd quarter valued at $559,710,000. Finally, Hsbc Holdings PLC bought a new position in shares of WEX in the second quarter worth $5,038,000. 97.47% of the stock is currently owned by institutional investors.

WEX Stock Performance

NYSE WEX opened at $198.29 on Friday. WEX Inc. has a 52-week low of $125.29 and a 52-week high of $203.99. The company has a fifty day moving average of $169.90 and a 200-day moving average of $158.70. The company has a market capitalization of $6.76 billion, a P/E ratio of 19.75, a P/E/G ratio of 1.04 and a beta of 0.82. The company has a debt-to-equity ratio of 2.62, a quick ratio of 1.04 and a current ratio of 1.04.

WEX (NYSE:WEX) last released its earnings results on Wednesday, July 22nd. The business services provider reported $5.35 EPS for the quarter, beating analysts’ consensus estimates of $5.08 by $0.27. WEX had a return on equity of 43.19% and a net margin of 12.56%.The business had revenue of $753.50 million for the quarter, compared to analysts’ expectations of $740.72 million. During the same quarter in the prior year, the firm earned $3.95 earnings per share. The firm’s revenue was up 14.2% on a year-over-year basis. WEX has set its Q3 2026 guidance at 5.450-5.650 EPS and its FY 2026 guidance at 19.680-20.080 EPS. As a group, equities research analysts predict that WEX Inc. will post 17.11 EPS for the current fiscal year.

WEX announced that its Board of Directors has initiated a share buyback plan on Thursday, May 14th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the business services provider to reacquire up to 21.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at WEX

In related news, COO Robert Joseph Deshaies sold 2,000 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $148.40, for a total transaction of $296,800.00. Following the transaction, the chief operating officer directly owned 20,288 shares of the company’s stock, valued at approximately $3,010,739.20. This trade represents a 8.97% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Carlos Carriedo sold 1,075 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $186.00, for a total value of $199,950.00. Following the completion of the sale, the chief operating officer owned 11,076 shares of the company’s stock, valued at $2,060,136. The trade was a 8.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 8,658 shares of company stock valued at $1,489,027 over the last 90 days. Company insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on WEX shares. Deutsche Bank Aktiengesellschaft lowered their price objective on WEX from $180.00 to $160.00 and set a “hold” rating on the stock in a research report on Friday, June 12th. Wall Street Zen cut WEX from a “buy” rating to a “hold” rating in a research report on Sunday, May 24th. Keefe, Bruyette & Woods upped their target price on WEX from $200.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, July 24th. Evercore raised WEX to an “outperform” rating in a report on Tuesday, July 21st. Finally, Mizuho lifted their price target on WEX from $170.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, July 24th. Six investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, WEX currently has an average rating of “Hold” and an average target price of $183.30.

WEX 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.