WEX (NYSE:WEX) Earns Equal Weight Rating from Analysts at Morgan Stanley

Research analysts at Morgan Stanley started coverage on shares of WEX (NYSE:WEX) in a research note issued to investors on Monday. The brokerage set an “equal weight” rating and a $144.00 price target on the business services provider’s stock. Morgan Stanley’s price objective suggests a potential downside of 6.28% from the company’s current price.

Several other analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of WEX from $195.00 to $175.00 and set a “neutral” rating on the stock in a report on Friday, October 31st. UBS Group reduced their price target on shares of WEX from $185.00 to $172.00 and set a “neutral” rating on the stock in a research report on Friday, October 31st. Bank of America upgraded WEX from a “neutral” rating to a “buy” rating and set a $178.00 price target for the company in a research note on Wednesday, October 22nd. Wall Street Zen upgraded WEX from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Cantor Fitzgerald raised WEX to a “hold” rating in a report on Tuesday, January 27th. Four investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, WEX currently has a consensus rating of “Hold” and a consensus target price of $168.08.

WEX Price Performance

Shares of WEX stock opened at $153.65 on Monday. WEX has a twelve month low of $110.45 and a twelve month high of $187.44. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 3.33. The company has a market capitalization of $5.27 billion, a PE ratio of 19.98, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98. The firm has a fifty day simple moving average of $153.43 and a 200-day simple moving average of $158.36.

Insiders Place Their Bets

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

Institutional Investors Weigh In On WEX

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in WEX by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 3,262,255 shares of the business services provider’s stock valued at $513,903,000 after purchasing an additional 12,099 shares during the period. Boston Partners increased its position in shares of WEX by 0.3% during the third quarter. Boston Partners now owns 1,273,363 shares of the business services provider’s stock worth $200,704,000 after acquiring an additional 4,227 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of WEX by 1.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,085,795 shares of the business services provider’s stock worth $159,494,000 after acquiring an additional 17,691 shares during the last quarter. Earnest Partners LLC lifted its position in WEX by 1.1% in the 3rd quarter. Earnest Partners LLC now owns 907,803 shares of the business services provider’s stock valued at $143,006,000 after acquiring an additional 10,027 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in WEX by 8.6% during the 3rd quarter. Bank of America Corp DE now owns 879,033 shares of the business services provider’s stock valued at $138,474,000 after purchasing an additional 69,375 shares during the last quarter. Institutional investors and hedge funds 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.