WEX (NYSE:WEX) Releases FY 2024 Earnings Guidance

WEX (NYSE:WEX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 16.100-16.600 for the period, compared to the consensus estimate of 16.250. The company issued revenue guidance of $2.7 billion-$2.8 billion, compared to the consensus revenue estimate of $2.7 billion. WEX also updated its FY24 guidance to $16.10-16.60 EPS.

WEX Stock Down 7.2 %

Shares of NYSE:WEX traded down $16.85 during trading on Thursday, reaching $216.46. 161,761 shares of the company traded hands, compared to its average volume of 294,867. The firm has a fifty day simple moving average of $230.52 and a 200 day simple moving average of $203.29. The firm has a market cap of $9.04 billion, a P/E ratio of 34.46, a price-to-earnings-growth ratio of 1.51 and a beta of 1.59. WEX has a 1-year low of $161.95 and a 1-year high of $244.04. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.55.

WEX (NYSE:WEX) last released its quarterly earnings data on Thursday, February 8th. The business services provider reported $3.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.29 by ($0.15). The business had revenue of $663.30 million during the quarter, compared to analyst estimates of $656.75 million. WEX had a net margin of 10.46% and a return on equity of 31.33%. Analysts anticipate that WEX will post 13.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

WEX has been the subject of a number of research analyst reports. Robert W. Baird boosted their target price on shares of WEX from $272.00 to $285.00 and gave the stock an outperform rating in a research report on Monday, April 15th. Truist Financial boosted their target price on shares of WEX from $185.00 to $220.00 and gave the stock a hold rating in a research report on Friday, February 9th. StockNews.com lowered shares of WEX from a buy rating to a hold rating in a research report on Tuesday, March 26th. JPMorgan Chase & Co. boosted their price objective on shares of WEX from $205.00 to $239.00 and gave the stock a neutral rating in a report on Friday, February 9th. Finally, Citigroup upped their target price on shares of WEX from $240.00 to $280.00 and gave the company a buy rating in a research note on Wednesday, April 17th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $240.00.

Insider Buying and Selling at WEX

In other WEX news, insider Hilary A. Rapkin sold 5,800 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $222.55, for a total value of $1,290,790.00. Following the completion of the sale, the insider now owns 10,569 shares of the company’s stock, valued at $2,352,130.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Ann Elena Drew sold 4,531 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total transaction of $987,893.93. Following the completion of the sale, the insider now owns 3,653 shares of the company’s stock, valued at $796,463.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hilary A. Rapkin sold 5,800 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $222.55, for a total transaction of $1,290,790.00. Following the sale, the insider now directly owns 10,569 shares of the company’s stock, valued at approximately $2,352,130.95. The disclosure for this sale can be found here. Over the last 90 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.