XTX Topco Ltd Acquires New Stake in WEX Inc. (NYSE:WEX)

Key Points

• XTX Topco Ltd has acquired a new stake in WEX Inc., purchasing 13,869 shares valued at approximately $2.18 million during the first quarter of 2024.
• WEX's quarterly earnings report showed an EPS of $3.51, surpassing estimates, despite a 2.5% decline in revenue compared to the previous year.
• Analysts have mixed ratings on WEX, with a consensus rating of "Hold" and an average price target of $180.25, reflecting cautious optimism about the firm's future performance.

XTX Topco Ltd acquired a new position in shares of WEX Inc. (NYSE:WEX - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 13,869 shares of the business services provider's stock, valued at approximately $2,178,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Investment Management Corp VA ADV purchased a new position in WEX during the fourth quarter worth about $25,000. State of Wyoming purchased a new position in WEX during the fourth quarter worth about $35,000. Quadrant Capital Group LLC boosted its stake in WEX by 72.2% during the fourth quarter. Quadrant Capital Group LLC now owns 272 shares of the business services provider's stock worth $48,000 after buying an additional 114 shares during the period. Farther Finance Advisors LLC boosted its stake in WEX by 161.5% during the first quarter. Farther Finance Advisors LLC now owns 272 shares of the business services provider's stock worth $44,000 after buying an additional 168 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in WEX during the fourth quarter worth about $74,000. 97.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on WEX shares. Morgan Stanley increased their target price on shares of WEX from $142.00 to $170.00 and gave the stock an "equal weight" rating in a research note on Friday, July 25th. Barclays increased their target price on shares of WEX from $135.00 to $170.00 and gave the stock an "equal weight" rating in a research note on Monday. Oppenheimer initiated coverage on shares of WEX in a research note on Thursday, May 15th. They issued a "market perform" rating for the company. Robert W. Baird raised their price objective 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, UBS Group raised their price objective on shares of WEX from $138.00 to $185.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. 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, the company currently has an average rating of "Hold" and a consensus target price of $181.50.

Insider Buying and Selling

In other news, CAO Jennifer Kimball sold 1,400 shares of WEX stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $131.08, for a total value of $183,512.00. Following the transaction, the chief accounting officer directly owned 3,177 shares of the company's stock, valued at $416,441.16. The trade was a 30.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Melissa D. Smith bought 3,721 shares of the business's stock in a transaction dated Thursday, May 29th. The stock was acquired at an average cost of $134.57 per share, for a total transaction of $500,734.97. Following the completion of the acquisition, the chief executive officer directly owned 101,182 shares in the company, valued at approximately $13,616,061.74. This trade represents 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.

WEX Stock Down 1.8%

WEX stock traded down $3.12 during trading on Friday, reaching $166.56. The stock had a trading volume of 384,082 shares, compared to its average volume of 487,833. WEX Inc. has a 52-week low of $110.45 and a 52-week high of $217.47. The business has a 50 day moving average price of $148.88 and a 200 day moving average price of $148.98. 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 $5.71 billion, a PE ratio of 21.06, a P/E/G ratio of 1.59 and a beta of 1.23.

WEX (NYSE:WEX - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The business services provider reported $3.51 earnings per share for the quarter, topping analysts' consensus estimates of $3.40 by $0.11. WEX had a net margin of 11.79% and a return on equity of 41.87%. The company had revenue of $636.60 million for the quarter, compared to analysts' expectations of $631.42 million. During the same quarter last year, the company earned $3.46 earnings per share. The firm's revenue for the quarter was down 2.5% on a year-over-year basis. On average, analysts predict that WEX Inc. will post 14.09 EPS for the current year.

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.