Millennium Management LLC Purchases 357,842 Shares of WEX Inc. $WEX

Millennium Management LLC boosted its position in WEX Inc. (NYSE:WEX - Free Report) by 652.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 412,665 shares of the business services provider's stock after purchasing an additional 357,842 shares during the quarter. Millennium Management LLC owned about 1.21% of WEX worth $64,797,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Investment Management Corp VA ADV purchased a new stake in WEX in the 4th quarter worth approximately $25,000. State of Wyoming purchased a new stake in WEX in the 4th quarter worth approximately $35,000. Farther Finance Advisors LLC lifted its stake in WEX by 161.5% in the 1st quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock worth $44,000 after purchasing an additional 168 shares in the last quarter. Quarry LP purchased a new stake in WEX in the 1st quarter worth approximately $44,000. Finally, SVB Wealth LLC purchased a new stake in WEX in the 1st quarter worth approximately $49,000. 97.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WEX. William Blair reiterated a "market perform" rating on shares of WEX in a research note on Friday, July 25th. Robert W. Baird increased their price target on shares of WEX from $186.00 to $198.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Morgan Stanley increased their price target on shares of WEX from $142.00 to $170.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Barclays increased their price target on shares of WEX from $135.00 to $170.00 and gave the stock an "equal weight" rating in a report on Monday, July 28th. Finally, UBS Group increased their price target on shares of WEX from $138.00 to $185.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. Three investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $179.82.

Insider Activity

In other WEX news, insider Ann Elena Drew sold 1,931 shares of the company's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $171.69, for a total transaction of $331,533.39. Following the completion of the sale, the insider directly owned 7,295 shares in the company, valued at $1,252,478.55. This represents a 20.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 completion of the sale, the chief operating officer directly owned 5,270 shares in the company, valued at approximately $904,753.60. This trade represents a 14.24% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company's stock.

WEX Trading Down 3.5%

NYSE WEX traded down $6.24 during trading on Friday, hitting $169.92. 258,775 shares of the company's stock traded hands, compared to its average volume of 315,881. The stock has a fifty day moving average of $166.90 and a two-hundred day moving average of $149.28. The company has a debt-to-equity ratio of 3.99, a current ratio of 1.04 and a quick ratio of 1.04. WEX Inc. has a 12-month low of $110.45 and a 12-month high of $217.47. The firm has a market cap of $5.82 billion, a P/E ratio of 21.48, a PEG ratio of 1.65 and a beta of 1.31.

About WEX

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.