WEX (NYSE:WEX) Stock Lifted to Strong-Buy by Zacks Research

WEX (NYSE:WEX) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday, Zacks reports.

Other analysts also recently issued research reports about the stock. Piper Sandler initiated coverage on shares of WEX in a report on Thursday, September 10th. They issued a “neutral” rating and a $209.00 price target on the stock. Wall Street Zen raised shares of WEX from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Evercore raised shares of WEX to an “outperform” rating in a research note on Tuesday, July 21st. Weiss Ratings upgraded WEX from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, October 30th. Finally, Keefe, Bruyette & Woods upped their target price on WEX from $200.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, WEX currently has an average rating of “Moderate Buy” and an average price target of $191.10.

WEX Trading Down 1.0%

NYSE:WEX opened at $180.17 on Tuesday. WEX has a 52-week low of $125.29 and a 52-week high of $203.99. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 3.00. The stock has a fifty day simple moving average of $184.99 and a 200-day simple moving average of $164.88. The company has a market capitalization of $5.92 billion, a PE ratio of 11.07, a price-to-earnings-growth ratio of 0.73 and a beta of 0.93.

WEX (NYSE:WEX) last issued its quarterly earnings data on Wednesday, October 28th. The business services provider reported $6.13 EPS for the quarter, beating analysts’ consensus estimates of $5.68 by $0.45. WEX had a net margin of 14.05% and a return on equity of 45.74%. The firm had revenue of $780.10 million for the quarter, compared to analysts’ expectations of $749.74 million. During the same period in the prior year, the company earned $4.59 EPS. The firm’s revenue was up 12.8% on a year-over-year basis. On average, equities research analysts expect that WEX will post 18.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Melissa Smith sold 28,109 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $190.09, for a total value of $5,343,239.81. Following the completion of the transaction, the chief executive officer owned 126,625 shares of the company’s stock, valued at approximately $24,070,146.25. The trade was a 18.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Robert Deshaies sold 2,000 shares of the company’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $173.56, for a total transaction of $347,120.00. Following the completion of the transaction, the chief operating officer owned 17,288 shares in the company, valued at approximately $3,000,505.28. This trade represents a 10.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 33,452 shares of company stock worth $6,358,960. 1.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On WEX

Institutional investors have recently modified their holdings of the company. Root Financial Partners LLC acquired a new stake in WEX during the third quarter worth approximately $25,000. Global Retirement Partners LLC purchased a new stake in WEX in the 2nd quarter worth approximately $26,000. Northwestern Mutual Wealth Management Co. acquired a new position in WEX in the 2nd quarter valued at $41,000. Heritage Family Offices LLP acquired a new position in WEX in the 3rd quarter valued at $43,000. Finally, Covestor Ltd raised its holdings in WEX by 97.8% in the 3rd quarter. Covestor Ltd now owns 267 shares of the business services provider’s stock valued at $45,000 after acquiring an additional 132 shares during the last quarter. Institutional investors and hedge funds own 97.47% of the company’s stock.

About WEX

WEX Inc (NYSE:WEX) is a financial technology company that provides payment-processing and business-management solutions. Its products are designed to help organizations manage corporate spending, employee benefits and mobility-related expenses through specialized payment accounts, software and data tools.

WEX’s mobility business serves commercial vehicle fleets with fuel cards, fleet-payment programs, expense controls, telematics integrations and related solutions. The company also supports emerging mobility needs, including electric-vehicle charging payments.