Invenomic Capital Management LP Sells 34,499 Shares of WEX Inc. $WEX

Key Points

• Invenomic Capital Management LP has reduced its stake in WEX Inc. by 36.3%, selling 34,499 shares and retaining approximately 0.18% of the company, valued at about $9.5 million.
• Several institutional investors are increasing their holdings in WEX, with notable purchases including Farther Finance Advisors LLC, which boosted its stake by 161.5% in the first quarter.
• Analysts are optimistic about WEX's stock, with Mizuho raising their price target to $185.00 and maintaining an "outperform" rating, while overall sentiment remains a cautious "Hold" according to data from MarketBeat.

Invenomic Capital Management LP trimmed its stake in shares of WEX Inc. (NYSE:WEX - Free Report) by 36.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,624 shares of the business services provider's stock after selling 34,499 shares during the period. Invenomic Capital Management LP owned approximately 0.18% of WEX worth $9,519,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Investment Management Corp VA ADV bought a new stake in shares of WEX during the fourth quarter worth approximately $25,000. State of Wyoming bought a new stake in WEX in the fourth quarter valued at approximately $35,000. Farther Finance Advisors LLC increased its stake in WEX by 161.5% in the first quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock valued at $44,000 after purchasing an additional 168 shares in the last quarter. Quarry LP bought a new stake in WEX in the first quarter valued at approximately $44,000. Finally, SVB Wealth LLC bought a new stake in WEX in the first quarter valued at approximately $49,000. 97.47% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Ann Elena Drew sold 1,931 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $171.69, for a total value of $331,533.39. Following the transaction, the insider owned 7,295 shares in the company, valued at $1,252,478.55. This represents a 20.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Carlos Carriedo sold 875 shares of the 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 of the company's stock, valued at approximately $904,753.60. This trade represents a 14.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

WEX Price Performance

WEX opened at $173.38 on Friday. The company has a debt-to-equity ratio of 3.99, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $5.94 billion, a P/E ratio of 21.92, a P/E/G ratio of 1.56 and a beta of 1.31. The company's 50-day simple moving average is $164.23 and its two-hundred day simple moving average is $148.59. WEX Inc. has a 52-week low of $110.45 and a 52-week high of $217.47.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Mizuho increased their price target on shares of WEX from $150.00 to $185.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Oppenheimer began coverage on shares of WEX in a research report on Thursday, May 15th. They set a "market perform" rating for the company. Barclays raised 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. Robert W. Baird raised their target price on shares of WEX from $186.00 to $198.00 and gave the company an "outperform" rating in a research note on Thursday, July 24th. Finally, William Blair reissued a "market perform" rating on shares of WEX in a research note on Friday, July 25th. Three analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $179.82.

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.

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