WEX (WEX) Shares Up 9% Following Earnings Beat

Shares of WEX Inc (NYSE:WEX) shot up 9% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $159.65 and last traded at $154.30. 956,378 shares were traded during trading, an increase of 144% from the average session volume of 392,448 shares. The stock had previously closed at $141.59.

The business services provider reported $1.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.16. The company had revenue of $331.30 million for the quarter, compared to analyst estimates of $327.19 million. WEX had a net margin of 7.09% and a return on equity of 13.16%. The firm’s revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 earnings per share.

WEX has been the topic of a number of research reports. Credit Suisse Group restated an “outperform” rating and set a $167.00 target price (up from $141.00) on shares of WEX in a research report on Wednesday, January 17th. They noted that the move was a valuation call. TheStreet upgraded shares of WEX from a “c+” rating to a “b” rating in a research report on Wednesday, November 1st. Oppenheimer raised their target price on shares of WEX from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, November 2nd. Barclays raised their target price on shares of WEX from $124.00 to $129.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Finally, Morgan Stanley raised their target price on shares of WEX from $113.00 to $123.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 2nd. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. WEX has an average rating of “Buy” and an average target price of $142.38.

In related news, insider Scott Robert Phillips sold 20,000 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $127.68, for a total transaction of $2,553,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 9.00% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Janus Henderson Group PLC lifted its holdings in shares of WEX by 31.5% during the third quarter. Janus Henderson Group PLC now owns 4,172,380 shares of the business services provider’s stock worth $468,224,000 after purchasing an additional 1,000,507 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of WEX by 13.3% during the third quarter. JPMorgan Chase & Co. now owns 3,993,322 shares of the business services provider’s stock worth $452,522,000 after purchasing an additional 468,452 shares during the period. BlackRock Inc. lifted its holdings in shares of WEX by 2.8% during the fourth quarter. BlackRock Inc. now owns 3,266,378 shares of the business services provider’s stock worth $461,309,000 after purchasing an additional 89,537 shares during the period. Atlanta Capital Management Co. L L C lifted its holdings in shares of WEX by 5.2% during the third quarter. Atlanta Capital Management Co. L L C now owns 3,159,659 shares of the business services provider’s stock worth $354,577,000 after purchasing an additional 156,252 shares during the period. Finally, TimesSquare Capital Management LLC lifted its holdings in shares of WEX by 1.5% during the third quarter. TimesSquare Capital Management LLC now owns 1,677,613 shares of the business services provider’s stock worth $188,262,000 after purchasing an additional 24,199 shares during the period.

The company has a debt-to-equity ratio of 0.20, a current ratio of 0.69 and a quick ratio of 0.69. The stock has a market cap of $6,620.00, a price-to-earnings ratio of 77.54, a price-to-earnings-growth ratio of 1.57 and a beta of 1.91.

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WEX Company Profile

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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