WEX (NYSE:WEX) Updates FY 2024 Earnings Guidance

WEX (NYSE:WEX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 16.100-16.600 for the period, compared to the consensus earnings per share estimate of 16.250. The company issued revenue guidance of $2.7 billion-$2.8 billion, compared to the consensus revenue estimate of $2.7 billion. WEX also updated its FY24 guidance to $16.10-16.60 EPS.

WEX Stock Performance

Shares of WEX stock traded up $1.55 on Friday, hitting $216.58. The company had a trading volume of 427,401 shares, compared to its average volume of 305,160. The firm has a market cap of $9.07 billion, a P/E ratio of 35.35, a price-to-earnings-growth ratio of 1.51 and a beta of 1.59. The company has a 50-day moving average price of $230.69 and a 200-day moving average price of $203.58. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 1.55. WEX has a twelve month low of $161.95 and a twelve month high of $244.04.

WEX (NYSE:WEX) last issued its quarterly earnings data on Thursday, February 8th. The business services provider reported $3.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.29 by ($0.15). WEX had a net margin of 10.46% and a return on equity of 31.33%. The company had revenue of $663.30 million during the quarter, compared to analyst estimates of $656.75 million. As a group, equities research analysts predict that WEX will post 13.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

WEX has been the subject of several research reports. JPMorgan Chase & Co. boosted their price objective on WEX from $205.00 to $239.00 and gave the stock a neutral rating in a research note on Friday, February 9th. Jefferies Financial Group boosted their price objective on WEX from $235.00 to $240.00 and gave the stock a hold rating in a research note on Friday, April 12th. Truist Financial boosted their price objective on WEX from $185.00 to $220.00 and gave the stock a hold rating in a research note on Friday, February 9th. William Blair reiterated an outperform rating on shares of WEX in a research note on Thursday, February 8th. Finally, Robert W. Baird upped their price target on WEX from $272.00 to $285.00 and gave the company an outperform rating in a research report on Monday, April 15th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $240.00.

Insiders Place Their Bets

In other WEX news, CAO Jennifer Kimball sold 574 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $222.24, for a total transaction of $127,565.76. Following the transaction, the chief accounting officer now owns 1,297 shares of the company’s stock, valued at $288,245.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Ann Elena Drew sold 4,531 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $218.03, for a total value of $987,893.93. Following the completion of the sale, the insider now owns 3,653 shares in the company, valued at $796,463.59. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Jennifer Kimball sold 574 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $222.24, for a total transaction of $127,565.76. Following the completion of the sale, the chief accounting officer now owns 1,297 shares of the company’s stock, valued at approximately $288,245.28. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,326 shares of company stock valued at $6,281,961. 1.10% of the stock is currently owned by insiders.

WEX Company Profile

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.