WEX (NYSE:WEX) Releases Q2 2024 Earnings Guidance

WEX (NYSE:WEX) updated its second quarter 2024 earnings guidance on Thursday. 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

WEX traded up $1.55 on Friday, reaching $216.58. The company had a trading volume of 427,462 shares, compared to its average volume of 272,318. WEX has a fifty-two week low of $161.95 and a fifty-two week high of $244.04. The stock has a market cap of $9.07 billion, a P/E ratio of 35.22, a P/E/G ratio of 1.40 and a beta of 1.59. The company’s fifty day moving average is $230.59 and its 200 day moving average is $203.87. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.05 and a current ratio of 1.06.

WEX (NYSE:WEX) last announced its quarterly earnings results on Thursday, February 8th. The business services provider reported $3.14 EPS for the quarter, missing analysts’ consensus estimates of $3.29 by ($0.15). WEX had a net margin of 10.21% and a return on equity of 30.92%. The company had revenue of $663.30 million during the quarter, compared to analyst estimates of $656.75 million. As a group, analysts predict that WEX will post 13.55 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

WEX has been the subject of a number of recent analyst reports. Jefferies Financial Group upped their price target on shares of WEX from $235.00 to $240.00 and gave the stock a hold rating in a report on Friday, April 12th. Citigroup upped their price target on shares of WEX from $240.00 to $280.00 and gave the stock a buy rating in a report on Wednesday, April 17th. StockNews.com downgraded shares of WEX from a buy rating to a hold rating in a report on Tuesday, March 26th. 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 note on Tuesday, March 26th. Finally, Mizuho increased their price objective on shares of WEX from $225.00 to $235.00 and gave the company a buy rating in a research note on Tuesday, February 13th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $240.00.

Insider Buying and Selling at WEX

In other WEX news, SVP Sara Trickett sold 887 shares of WEX stock in a transaction on Friday, February 16th. The shares were sold at an average price of $224.61, for a total value of $199,229.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Jennifer Kimball sold 574 shares of WEX stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $222.24, for a total transaction of $127,565.76. Following the completion of the transaction, the chief accounting officer now directly owns 1,297 shares in the company, valued at $288,245.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Sara Trickett sold 887 shares of WEX stock in a transaction dated Friday, February 16th. The shares were 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 ninety days, insiders sold 28,326 shares of company stock valued at $6,281,961. Corporate insiders own 1.10% of the company’s stock.

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.