WEX Inc. (NYSE:WEX) Position Raised by R Squared Ltd

Key Points

• R Squared Ltd significantly increased its stake in WEX Inc. by 3,180% during the first quarter, raising its holdings to 1,640 shares valued at $258,000.
• Analysts have raised their price targets for WEX, with Barclays and Morgan Stanley both increasing their targets to $170, while Robert W. Baird has set a price target of $198.
• WEX reported earnings per share of $3.51 for its latest quarter, exceeding analysts' expectations, despite a 2.5% decline in revenue year-over-year.

R Squared Ltd increased its holdings in shares of WEX Inc. (NYSE:WEX - Free Report) by 3,180.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,640 shares of the business services provider's stock after purchasing an additional 1,590 shares during the quarter. R Squared Ltd's holdings in WEX were worth $258,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Isthmus Partners LLC increased its position in WEX by 5.4% during the 1st quarter. Isthmus Partners LLC now owns 1,987 shares of the business services provider's stock worth $312,000 after purchasing an additional 101 shares in the last quarter. Quadrant Capital Group LLC increased its position in WEX by 72.2% during the 4th quarter. Quadrant Capital Group LLC now owns 272 shares of the business services provider's stock worth $48,000 after purchasing an additional 114 shares in the last quarter. Cornerstone Investment Partners LLC grew its position in WEX by 2.9% in the first quarter. Cornerstone Investment Partners LLC now owns 4,705 shares of the business services provider's stock valued at $739,000 after acquiring an additional 133 shares in the last quarter. Foyston Gordon & Payne Inc grew its position in WEX by 0.7% in the fourth quarter. Foyston Gordon & Payne Inc now owns 19,657 shares of the business services provider's stock valued at $3,446,000 after acquiring an additional 137 shares in the last quarter. Finally, Investment Management Corp VA ADV acquired a new stake in WEX in the fourth quarter valued at approximately $25,000. Institutional investors and hedge funds own 97.47% of the company's stock.

Insider Buying and Selling

In related news, COO Carlos Carriedo sold 875 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $171.68, for a total transaction of $150,220.00. Following the transaction, the chief operating officer directly owned 5,270 shares in the company, valued at $904,753.60. This trade represents a 14.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Melissa D. Smith acquired 3,721 shares of WEX stock in a transaction that occurred on Thursday, May 29th. The shares were purchased at an average price of $134.57 per share, for a total transaction of $500,734.97. Following the completion of the purchase, the chief executive officer directly owned 101,182 shares of the company's stock, valued at $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. 1.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group increased their price objective on shares of WEX from $138.00 to $185.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Wells Fargo & Company lowered their price objective on shares of WEX from $160.00 to $140.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Barclays increased their price objective on shares of WEX from $135.00 to $170.00 and gave the company an "equal weight" rating in a research report on Monday, July 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of WEX in a research report on Thursday, July 17th. They issued a "hold" rating and a $150.00 price objective for the company. Finally, Mizuho increased their price objective on shares of WEX from $150.00 to $185.00 and gave the company an "outperform" rating in a research report on Friday. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $181.50.

WEX Stock Down 1.2%

Shares of WEX stock traded down $1.99 on Tuesday, hitting $166.71. 38,438 shares of the company's stock traded hands, compared to its average volume of 721,272. The stock has a market cap of $5.71 billion, a P/E ratio of 21.01, a PEG ratio of 1.56 and a beta of 1.28. 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 firm's 50-day moving average is $149.59 and its 200 day moving average is $148.41. WEX Inc. has a 52-week low of $110.45 and a 52-week high of $217.47.

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.