Insider Selling: WEX (NYSE:WEX) CTO Sells $708,952.65 in Stock

WEX Inc. (NYSE:WEX) CTO Sachin Dhawan sold 3,873 shares of WEX stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $183.05, for a total value of $708,952.65. Following the transaction, the chief technology officer owned 11,286 shares in the company, valued at approximately $2,065,902.30. This trade represents a 25.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

WEX Trading Up 1.6%

Shares of WEX stock opened at $182.58 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 3.00. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of 15.71, a price-to-earnings-growth ratio of 0.72 and a beta of 0.93. The business has a fifty day simple moving average of $184.33 and a 200-day simple moving average of $165.15. WEX Inc. has a fifty-two week low of $125.29 and a fifty-two week high of $203.99.

WEX (NYSE:WEX) last announced its earnings results on Wednesday, October 28th. The business services provider reported $6.13 earnings per share for the quarter, beating the consensus estimate of $5.68 by $0.45. WEX had a return on equity of 45.74% and a net margin of 14.05%. The business had revenue of $780.10 million during the quarter, compared to analysts’ expectations of $749.74 million. During the same quarter last year, the business posted $4.59 earnings per share. The company’s quarterly revenue was up 12.8% on a year-over-year basis. On average, equities analysts forecast that WEX Inc. will post 18.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on WEX. Morgan Stanley boosted their target price on shares of WEX from $172.00 to $178.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 27th. Cantor Fitzgerald lifted their price target on shares of WEX from $178.00 to $189.00 and gave the stock a “neutral” rating in a research report on Friday, October 30th. Mizuho upped their target price on WEX from $170.00 to $200.00 and gave the company an “outperform” rating in a report on Friday, July 24th. Piper Sandler started coverage on shares of WEX in a research note on Thursday, September 10th. They set a “neutral” rating and a $209.00 target price on the stock. Finally, Zacks Research raised shares of WEX from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, WEX has an average rating of “Moderate Buy” and a consensus target price of $191.10.

Hedge Funds Weigh In On WEX

Several institutional investors have recently added to or reduced their stakes in the company. Jupiter Topco LLC bought a new position in WEX in the second quarter valued at approximately $559,710,000. BlackRock Inc. bought a new stake in WEX during the second quarter worth about $446,833,000. Bank of America Corp DE bought a new stake in WEX during the second quarter worth about $115,086,000. Turtle Creek Asset Management Inc. boosted its position in WEX by 58.5% during the first quarter. Turtle Creek Asset Management Inc. now owns 669,335 shares of the business services provider’s stock valued at $102,435,000 after purchasing an additional 246,923 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in WEX during the second quarter valued at approximately $30,672,000. 97.47% of the stock is owned by institutional investors.

WEX Company Profile

WEX Inc (NYSE:WEX) is a financial technology company that provides payment-processing and business-management solutions. Its products are designed to help organizations manage corporate spending, employee benefits and mobility-related expenses through specialized payment accounts, software and data tools.

WEX’s mobility business serves commercial vehicle fleets with fuel cards, fleet-payment programs, expense controls, telematics integrations and related solutions. The company also supports emerging mobility needs, including electric-vehicle charging payments.