WEX (NYSE:WEX) Updates Q2 2024 Earnings Guidance

WEX (NYSE:WEX) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 3.750-3.850 for the period, compared to the consensus earnings per share 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 Price Performance

Shares of NYSE WEX traded down $16.24 during midday trading on Thursday, reaching $217.07. 202,257 shares of the company were exchanged, compared to its average volume of 296,253. The stock has a market cap of $9.06 billion, a P/E ratio of 34.46, a PEG ratio of 1.51 and a beta of 1.59. The stock’s 50-day moving average price is $230.52 and its 200-day moving average price is $203.29. 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 has a one year low of $161.95 and a one year high of $244.04.

WEX (NYSE:WEX) last released its earnings results 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). WEX had a net margin of 10.46% and a return on equity of 31.33%. The firm had revenue of $663.30 million during the quarter, compared to analyst estimates of $656.75 million. On average, sell-side analysts anticipate that WEX will post 13.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

WEX has been the subject of a number of recent analyst reports. Mizuho boosted their target price 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. StockNews.com cut shares of WEX from a buy rating to a hold rating in a research note on Tuesday, March 26th. William Blair reissued an outperform rating on shares of WEX in a report on Thursday, February 8th. Evercore ISI increased their target price on shares of WEX from $250.00 to $275.00 and gave the company an outperform rating in a report on Tuesday, March 26th. Finally, TheStreet raised shares of WEX from a c rating to a b rating in a research note on Thursday, February 8th. 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 presently 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, SVP Sara Trickett sold 887 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $224.61, for a total transaction of $199,229.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Sara Trickett sold 887 shares of the 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 directly owns 3,653 shares in the company, valued at approximately $796,463.59. The disclosure for this sale can be found here. Insiders sold 28,326 shares of company stock worth $6,281,961 over the last 90 days. 1.10% of the stock is owned by insiders.

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.