AlphaQuest LLC Increases Stock Position in WEX Inc. $WEX

Key Points

• AlphaQuest LLC increased its stake in WEX Inc. by 711.4% in Q1, acquiring an additional 4,738 shares to own a total of 5,404 shares valued at $849,000.
• Brokerages have recently raised their target prices for WEX, with Mizuho setting a new target of $185.00, indicating a growing bullish sentiment in the stock.
• Even with recent insider selling, 97.47% of WEX's stock is held by institutional investors, reflecting strong institutional confidence in the company.

AlphaQuest LLC lifted its position in WEX Inc. (NYSE:WEX - Free Report) by 711.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,404 shares of the business services provider's stock after purchasing an additional 4,738 shares during the quarter. AlphaQuest LLC's holdings in WEX were worth $849,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its holdings in WEX by 3.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 602,693 shares of the business services provider's stock worth $105,653,000 after buying an additional 18,331 shares during the period. Tower Research Capital LLC TRC increased its holdings in WEX by 49.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,375 shares of the business services provider's stock worth $767,000 after buying an additional 1,454 shares during the period. Hsbc Holdings PLC increased its holdings in WEX by 140.4% in the 4th quarter. Hsbc Holdings PLC now owns 3,113 shares of the business services provider's stock worth $547,000 after buying an additional 1,818 shares during the period. Pinebridge Investments L.P. increased its holdings in WEX by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 17,091 shares of the business services provider's stock worth $2,996,000 after buying an additional 5,112 shares during the period. Finally, Two Sigma Securities LLC acquired a new position in WEX in the 4th quarter worth approximately $298,000. Institutional investors and hedge funds own 97.47% of the company's stock.

WEX Trading Down 1.3%

NYSE:WEX traded down $2.24 during trading hours on Thursday, hitting $170.72. The company had a trading volume of 245,919 shares, compared to its average volume of 685,214. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 3.99. The company has a 50-day moving average of $160.96 and a 200 day moving average of $147.91. The company has a market cap of $5.85 billion, a P/E ratio of 21.58, a P/E/G ratio of 1.60 and a beta of 1.28. WEX Inc. has a 1 year low of $110.45 and a 1 year high of $217.47.

Analysts Set New Price Targets

Several research firms recently commented on WEX. William Blair reaffirmed a "market perform" rating on shares of WEX in a report on Friday, July 25th. Jefferies Financial Group raised their target price on WEX from $130.00 to $135.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. Robert W. Baird boosted their price objective on WEX from $186.00 to $198.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. UBS Group boosted their price objective on WEX from $138.00 to $185.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Finally, Morgan Stanley lifted their price objective on WEX from $142.00 to $170.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Three research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $179.82.

Insider Buying and Selling at WEX

In other news, CAO Jennifer Kimball sold 1,400 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $131.08, for a total transaction of $183,512.00. Following the completion of the sale, the chief accounting officer owned 3,177 shares in the company, valued at $416,441.16. This trade represents a 30.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Carlos Carriedo sold 875 shares of WEX stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $171.68, for a total transaction of $150,220.00. Following the sale, the chief operating officer directly owned 5,270 shares in the company, valued at approximately $904,753.60. The trade was a 14.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,206 shares of company stock worth $665,265 in the last ninety days. 1.40% of the stock is owned by insiders.

WEX 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.