WEX (NYSE:WEX – Free Report) had its price target hoisted by Truist Financial from $185.00 to $220.00 in a research note published on Friday, Benzinga reports. They currently have a hold rating on the business services provider’s stock.
Several other brokerages have also commented on WEX. Morgan Stanley decreased their target price on WEX from $205.00 to $200.00 and set an equal weight rating for the company in a research report on Friday, October 27th. Mizuho lifted their target price on WEX from $200.00 to $225.00 and gave the stock a buy rating in a research report on Thursday, January 18th. JPMorgan Chase & Co. lifted their target price on WEX from $205.00 to $239.00 and gave the stock a neutral rating in a research report on Friday. TheStreet lowered WEX from a b- rating to a c rating in a research report on Thursday, October 26th. Finally, Wolfe Research upgraded WEX from a peer perform rating to an outperform rating and set a $240.00 target price for the company in a research report on Tuesday, October 17th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, WEX has an average rating of Moderate Buy and a consensus target price of $226.25.
WEX Price Performance
Insider Buying and Selling at WEX
In other news, Director Jack Vanwoerkom sold 2,000 shares of the business’s stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $174.38, for a total value of $348,760.00. Following the sale, the director now owns 8,319 shares of the company’s stock, valued at approximately $1,450,667.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jack Vanwoerkom sold 2,000 shares of WEX stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $174.38, for a total transaction of $348,760.00. Following the transaction, the director now owns 8,319 shares in the company, valued at $1,450,667.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Melissa D. Smith sold 41,107 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $205.00, for a total value of $8,426,935.00. Following the completion of the transaction, the chief executive officer now owns 81,998 shares in the company, valued at approximately $16,809,590. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.
Hedge Funds Weigh In On WEX
Several large investors have recently made changes to their positions in WEX. Duality Advisers LP bought a new stake in WEX during the 2nd quarter worth approximately $256,000. Burney Co. lifted its holdings in shares of WEX by 131.1% in the third quarter. Burney Co. now owns 21,120 shares of the business services provider’s stock valued at $3,972,000 after purchasing an additional 11,983 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of WEX in the second quarter valued at about $1,569,000. Fosun International Ltd acquired a new stake in shares of WEX in the third quarter valued at about $597,000. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new position in WEX during the second quarter worth approximately $260,000. Institutional investors and hedge funds own 97.47% of the company’s stock.
WEX Inc operates a commerce platform in the United States and internationally. The Fleet Solutions segment offers fleet vehicle payment solutions, transaction processing, and information management services. It also provides account 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 tools to fleets to manage expenses and capital requirements.
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