WEX Inc. (NYSE:WEX) has been the center of attention among investors lately, garnering an average rating of “Moderate Buy” from twelve ratings firms that are currently covering the company, as Bloomberg reports. Of these twelve analysts, two have recommended holding shares in the company while six have recommended buying them. So far in the last year, brokerages have issued a report on WEX’s stock with an average 1-year price target sitting at $209.00.
As an financial technology services provider operating internationally and within the United States, WEX offers services in a range of sectors including travel and corporate solutions, health and employee benefit solutions, and fleet solutions. The latter includes vehicle payment processing services such as customer, account activation and retention services; authorization and billing inquiries; credit and collections services; merchant services; analytics with access to web-based data analysis platforms to offer insights to fleet managers along with ancillary services to manage expenses and capital requirements.
In other news related to WEX Inc., insider Hilary A. Rapkin recently sold 5,270 shares of the firm’s stock in a transaction worth $922,250.00 on Wednesday January 11th this year. The shares were sold at an average price of $175.00 each; after completion of the sale Hilary A.Rapkin directly owned approximately 12,203 shares valued at around $2,135,525 . Another insider share sale took place on February 14th when Melanie Tinto sold 2,464 shares worth $486,467.52 at an average price per share of $197.43 making her now own directly about 3,889 shares valued around $767,805.
The above transactions were both disclosed via a legal filing by SEC accessible through this link for Rapkins’ transaction on January 11th ,and through this link for Tinto’s sale on February 14th. It is notable that WEX insiders have sold 26,634 shares of the company’s stock for a value of around $5,126,036 in the past three months which now equates to approximately 1% ownership by insiders.
Analyst Reports and Institutional Investors Show Conflicting Views on WEX Inc.
WEX: A Look at Analyst Reports and Institutional Investors
WEX Inc. (WEX) has been gaining the interest of several top analysts lately, with a number of reports giving the company positive ratings while others suggest caution. Investor activism, volatile markets given by economic pressures and the fierce competition in the payment sector are considered as some of the headwinds that face WEX Inc. TheStreet provided one of the more bullish reports, raising shares of WEX from a “c” rating to a “b-“ rating on February 9th. In contrast, Barclays reduced their target price on WEX from $213.00 to $209.00 and assigned an “overweight” rating.
This move was followed by Truist Financial’s announcement that they have also reduced their price target on shares of WEX from $215.00 to $185.00 on March 16th. On a more positive note, Mizuho lifted its price target for shares of WEX from $200.00 to $220.00 and dubbed it a “buy” in a report dated February 10th while Morgan Stanley raised their target price on WEX from $157.00 to $199.00.
Despite mixed opinions, investors appear undeterred as evidenced by AlphaCrest Capital Management LLC increasing its shares in WEX during Q3 2020 by purchasing an additional 2,055 shares adding up to roughly 4,016 shares valued at roughly around $510,000 placing them among the leading institutional investors for this stock along with ExodusPoint Capital Management LP who bought $2,782 million worth recently.
HM Payson & Co increased its stake in WEX by 4.% following an addition of approximately 925 shares valued at around $2,646 million thus far; Massachusetts Financial Services Co invested another 18,249 share in Q2 making up for over half a million shares; while Daiwa Securities Group Inc. also did not shy away from this stock, adding another 144 shares bringing their numbers up to 7,418 shares worth as much as $942,000 which is certainly no small feat.
Currently, the stock is trading at $184.72 with a market capitalization of $7.97 billion and a P/E ratio of 41.14. In conclusion, WEX is going through an exciting phase that augurs well with investors and shareholders alike, with more expected in the near future given the fact that it is performing well amidst harsh market conditions staying put along its soaring trajectory.