WEX (NYSE:WEX) Issues FY 2024 Earnings Guidance

WEX (NYSE:WEX) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 16.100-16.600 for the period, compared to the consensus EPS 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 Price Performance

WEX traded down $16.85 on Thursday, hitting $216.46. 161,761 shares of the company’s stock traded hands, compared to its average volume of 294,867. The company’s 50 day simple moving average is $230.52 and its 200-day simple moving average is $203.29. The firm has a market cap of $9.04 billion, a price-to-earnings ratio of 34.46, a P/E/G ratio of 1.51 and a beta of 1.59. WEX has a one year low of $161.95 and a one year high of $244.04. 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 issued its earnings results 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 business had revenue of $663.30 million for the quarter, compared to the consensus estimate of $656.75 million. As a group, research analysts anticipate that WEX will post 13.55 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Citigroup boosted their price objective on WEX from $240.00 to $280.00 and gave the company a buy rating in a report on Wednesday, April 17th. Barclays lifted their target price on WEX from $255.00 to $280.00 and gave the company an overweight rating in a research report on Tuesday, April 16th. Evercore ISI lifted their target price on WEX from $250.00 to $275.00 and gave the company an outperform rating in a research report on Tuesday, March 26th. JPMorgan Chase & Co. lifted their target price on WEX from $205.00 to $239.00 and gave the company a neutral rating in a research report on Friday, February 9th. Finally, Jefferies Financial Group boosted their price target on WEX from $235.00 to $240.00 and gave the stock a hold rating in a research report on Friday, April 12th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, WEX has a consensus rating of Moderate Buy and an average target price of $240.00.

Insider Buying and Selling at WEX

In related news, insider Ann Elena Drew sold 4,531 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was 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 of the company’s stock, valued at $796,463.59. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Jagtar Narula sold 309 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $233.24, for a total transaction of $72,071.16. Following the completion of the transaction, the chief financial officer now directly owns 5,528 shares in the company, valued at $1,289,350.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Ann Elena Drew sold 4,531 shares of WEX stock in a transaction on 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 transaction, the insider now owns 3,653 shares of the company’s stock, valued at $796,463.59. The disclosure for this sale can be found here. Insiders sold 28,326 shares of company stock valued at $6,281,961 over the last quarter. 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.