Wex Inc. (WEX) Sets New 1-Year High at $103.81
Wex Inc. (NYSE:WEX) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $103.81 and last traded at $103.11, with a volume of 243,221 shares traded. The stock had previously closed at $99.31.
WEX has been the subject of several research reports. Credit Agricole SA upgraded shares of Wex from an “underperform” rating to an “outperform” rating and upped their price objective for the stock from $97.00 to $115.00 in a report on Thursday. SunTrust Banks Inc. initiated coverage on shares of Wex in a report on Friday, June 24th. They issued a “neutral” rating and a $100.00 price objective for the company. Barclays PLC upgraded shares of Wex from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $80.00 to $98.00 in a report on Thursday, July 7th. TheStreet lowered shares of Wex from a “buy” rating to a “hold” rating in a report on Wednesday, July 27th. Finally, Zacks Investment Research downgraded shares of Wex from a “buy” rating to a “hold” rating in a research report on Thursday, June 30th. Eleven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $91.44.
The company has a market cap of $4.45 billion and a PE ratio of 45.66. The stock’s 50 day moving average price is $95.54 and its 200 day moving average price is $87.52.
Wex (NYSE:WEX) last released its earnings results on Wednesday, July 27th. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.06. The business had revenue of $233.90 million for the quarter, compared to the consensus estimate of $221.64 million. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 earnings per share. On average, analysts forecast that Wex Inc. will post $4.29 earnings per share for the current year.
In related news, Director Eric Duprat sold 1,100 shares of Wex stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $93.73, for a total value of $103,103.00. Following the completion of the sale, the director now directly owns 1,593 shares in the company, valued at $149,311.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Melissa D. Smith sold 5,910 shares of Wex stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $93.03, for a total value of $549,807.30. Following the completion of the sale, the chief executive officer now owns 55,820 shares of the company’s stock, valued at $5,192,934.60. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Wex stock. Principal Financial Group Inc. boosted its stake in shares of Wex Inc. (NYSE:WEX) by 2.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 123,981 shares of the company’s stock after buying an additional 3,112 shares during the period. Principal Financial Group Inc. owned about 0.32% of Wex worth $10,960,000 at the end of the most recent reporting period.
WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.
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