Morgan Stanley Issues Positive Forecast for WEX (NYSE:WEX) Stock Price

Key Points

• Morgan Stanley raised its WEX price target to $178 from $172 while maintaining an “equal weight” rating, implying about 7.19% downside from the prior close.
• Analyst sentiment is mixed: WEX has a consensus “Hold” rating and an average target price of $187, with five Buy ratings and eight Holds.
• WEX shares opened at $191.79, near the upper end of their 52-week range, while company insiders sold approximately $6.74 million worth of stock over the last quarter.

WEX (NYSE:WEX - Get Free Report) had its target price lifted by Morgan Stanley from $172.00 to $178.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an "equal weight" rating on the business services provider's stock. Morgan Stanley's price objective indicates a potential downside of 7.19% from the company's previous close.

A number of other research firms have also issued reports on WEX. Mizuho lifted their price objective on shares of WEX from $170.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Keefe, Bruyette & Woods upped their target price on shares of WEX from $200.00 to $210.00 and gave the company an "outperform" rating in a research note on Friday, July 24th. Weiss Ratings raised shares of WEX from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 7th. 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 objective on the stock. Finally, Evercore raised shares of WEX to an "outperform" rating in a research report on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $187.00.

WEX Price Performance

WEX stock opened at $191.79 on Tuesday. The firm has a market cap of $6.54 billion, a P/E ratio of 19.10, a price-to-earnings-growth ratio of 1.01 and a beta of 0.84. The company has a debt-to-equity ratio of 2.62, a quick ratio of 1.04 and a current ratio of 1.04. WEX has a 1 year low of $125.29 and a 1 year high of $203.99. The stock has a 50-day simple moving average of $186.72 and a 200-day simple moving average of $164.00.

Insider Activity at WEX

In other WEX news, CEO Melissa Smith sold 28,109 shares of the firm's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $190.09, for a total transaction of $5,343,239.81. Following the completion of the transaction, the chief executive officer directly owned 126,625 shares of the company's stock, valued at $24,070,146.25. This trade represents a 18.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Carlos Carriedo sold 1,075 shares of the business's stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $186.00, for a total transaction of $199,950.00. Following the completion of the sale, the chief operating officer directly owned 11,076 shares of the company's stock, valued at $2,060,136. The trade was a 8.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 35,527 shares of company stock valued at $6,743,860. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On WEX

Several institutional investors and hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC acquired a new position in WEX during the 3rd quarter valued at about $25,000. Global Retirement Partners LLC acquired a new stake in shares of WEX in the second quarter valued at approximately $26,000. Reyes Financial Architecture Inc. bought a new stake in shares of WEX during the third quarter valued at approximately $47,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of WEX during the second quarter valued at approximately $41,000. Finally, Farther Finance Advisors LLC boosted its position in shares of WEX by 65.3% during the third quarter. Farther Finance Advisors LLC now owns 519 shares of the business services provider's stock worth $88,000 after buying an additional 205 shares during the period. Institutional investors and hedge funds own 97.47% of the company's stock.

WEX Company Profile

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.

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