CenterBook Partners LP Cuts Stake in WEX Inc. (NYSE:WEX)

Key Points

• CenterBook Partners LP has drastically reduced its stake in WEX Inc., cutting its holdings by 85.0% to just 10,948 shares after selling 61,867 shares in the first quarter.
• Several institutional investors, including D. E. Shaw & Co. and AQR Capital Management, significantly increased their positions in WEX during the fourth quarter, highlighting strong interest from the investment community.
• WEX stock currently has a consensus target price of $181.50, with an average rating of "Hold" from analysts, indicating mixed sentiments about future performance.

CenterBook Partners LP cut its position in WEX Inc. (NYSE:WEX - Free Report) by 85.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,948 shares of the business services provider's stock after selling 61,867 shares during the quarter. CenterBook Partners LP's holdings in WEX were worth $1,719,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of WEX. D. E. Shaw & Co. Inc. lifted its position in shares of WEX by 1,684.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 201,922 shares of the business services provider's stock worth $35,401,000 after purchasing an additional 190,605 shares during the last quarter. Ariel Investments LLC increased its position in WEX by 113.0% in the fourth quarter. Ariel Investments LLC now owns 318,272 shares of the business services provider's stock worth $55,799,000 after buying an additional 168,832 shares during the period. AQR Capital Management LLC increased its holdings in shares of WEX by 5,562.2% in the 4th quarter. AQR Capital Management LLC now owns 151,125 shares of the business services provider's stock worth $26,117,000 after acquiring an additional 148,456 shares during the period. Invenomic Capital Management LP acquired a new position in shares of WEX during the fourth quarter worth approximately $16,677,000. Finally, GAMMA Investing LLC increased its holdings in shares of WEX by 27,871.3% during the first quarter. GAMMA Investing LLC now owns 69,089 shares of the business services provider's stock valued at $10,848,000 after purchasing an additional 68,842 shares during the period. 97.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on WEX. Jefferies Financial Group upped their target price on WEX from $130.00 to $135.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. Mizuho upped their price target on WEX from $150.00 to $185.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. UBS Group upped their price target on shares of WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Barclays lifted their target price on shares of WEX from $135.00 to $170.00 and gave the company an "equal weight" rating in a research note on Monday, July 28th. Finally, Robert W. Baird raised their price objective on WEX from $186.00 to $198.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Twelve research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, WEX has an average rating of "Hold" and a consensus target price of $181.50.

WEX Price Performance

WEX stock opened at $171.82 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 3.99. The stock has a market cap of $5.89 billion, a price-to-earnings ratio of 21.72, a P/E/G ratio of 1.60 and a beta of 1.28. The business's 50-day simple moving average is $150.96 and its 200 day simple moving average is $148.72. WEX Inc. has a 12-month low of $110.45 and a 12-month high of $217.47.

Insider Buying and Selling at WEX

In related news, COO Carlos Carriedo sold 875 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $171.68, for a total value of $150,220.00. Following the completion of the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Melissa D. Smith purchased 3,721 shares of WEX stock in a transaction on Thursday, May 29th. The shares were purchased at an average cost of $134.57 per share, with a total value of $500,734.97. Following the transaction, the chief executive officer owned 101,182 shares in the company, valued at approximately $13,616,061.74. The trade was a 3.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company's stock.

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.

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