WEX (NYSE:WEX) Releases 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 (EPS) guidance of 3.750-3.850 for the period, compared to the consensus 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 WEX stock traded down $16.24 during mid-day trading on Thursday, reaching $217.07. The stock had a trading volume of 202,257 shares, compared to its average volume of 296,253. WEX has a 12-month low of $161.95 and a 12-month high of $244.04. The company has a market cap of $9.06 billion, a P/E ratio of 34.46, a price-to-earnings-growth ratio of 1.51 and a beta of 1.59. The business has a 50-day simple moving average of $230.52 and a 200 day simple moving average of $203.29. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 1.55.

WEX (NYSE:WEX) last announced its quarterly earnings results on Thursday, February 8th. The business services provider reported $3.14 earnings per share for the quarter, missing analysts’ consensus estimates of $3.29 by ($0.15). The firm had revenue of $663.30 million during the quarter, compared to analysts’ expectations of $656.75 million. WEX had a net margin of 10.46% and a return on equity of 31.33%. On average, sell-side analysts anticipate that WEX will post 13.55 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on WEX. Evercore ISI increased their price objective on WEX from $250.00 to $275.00 and gave the company an outperform rating in a research note on Tuesday, March 26th. Truist Financial increased their price objective on WEX from $185.00 to $220.00 and gave the company a hold rating in a research note on Friday, February 9th. Robert W. Baird increased their price objective on WEX from $272.00 to $285.00 and gave the company an outperform rating in a research note on Monday, April 15th. JPMorgan Chase & Co. raised their price target on WEX from $205.00 to $239.00 and gave the stock a neutral rating in a research note on Friday, February 9th. Finally, TheStreet raised WEX from a c rating to a b rating in a research note on Thursday, February 8th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, WEX currently has an average rating of Moderate Buy and an average target price of $240.00.

Insider Activity at WEX

In other WEX news, insider Hilary A. Rapkin sold 5,800 shares of WEX stock in a transaction that occurred 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 in the company, valued at approximately $2,352,130.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Hilary A. Rapkin sold 5,800 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Jennifer Kimball sold 574 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $222.24, for a total value of $127,565.76. Following the sale, the chief accounting officer now directly owns 1,297 shares in the company, valued at $288,245.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,326 shares of company stock worth $6,281,961. 1.10% of the stock is currently owned by company 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.