Seven Eight Capital LP Makes New $1.23 Million Investment in WEX Inc. (NYSE:WEX)

Seven Eight Capital LP acquired a new stake in WEX Inc. (NYSE:WEX) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 6,928 shares of the business services provider’s stock, valued at approximately $1,227,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Rise Advisors LLC purchased a new stake in shares of WEX during the first quarter valued at $29,000. Principal Securities Inc. bought a new position in WEX during the 4th quarter valued at about $31,000. International Assets Investment Management LLC purchased a new stake in shares of WEX during the 2nd quarter valued at about $33,000. Blue Trust Inc. grew its stake in shares of WEX by 456.1% in the second quarter. Blue Trust Inc. now owns 228 shares of the business services provider’s stock worth $40,000 after acquiring an additional 187 shares during the period. Finally, Covestor Ltd raised its holdings in shares of WEX by 233.9% during the first quarter. Covestor Ltd now owns 187 shares of the business services provider’s stock valued at $44,000 after purchasing an additional 131 shares during the last quarter. Institutional investors own 97.47% of the company’s stock.

Wall Street Analyst Weigh In

WEX has been the topic of several research reports. Wells Fargo & Company dropped their target price on shares of WEX from $200.00 to $190.00 and set an “equal weight” rating on the stock in a report on Friday, July 26th. Keefe, Bruyette & Woods reduced their price objective on WEX from $275.00 to $230.00 and set an “outperform” rating for the company in a research report on Monday, July 8th. William Blair raised WEX to a “strong-buy” rating in a report on Friday, July 26th. Finally, JPMorgan Chase & Co. cut their price target on WEX from $210.00 to $200.00 and set a “neutral” rating for the company in a research note on Tuesday, August 20th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, WEX presently has an average rating of “Moderate Buy” and a consensus target price of $239.58.

WEX Trading Up 1.8 %

WEX stock opened at $206.01 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.66. WEX Inc. has a 12-month low of $161.95 and a 12-month high of $244.04. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of 33.50, a P/E/G ratio of 1.19 and a beta of 1.54. The firm has a 50 day moving average of $184.81 and a 200 day moving average of $199.28.

WEX (NYSE:WEX) last announced its quarterly earnings data on Thursday, July 25th. The business services provider reported $3.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.09. WEX had a net margin of 9.32% and a return on equity of 31.05%. The firm had revenue of $673.50 million during the quarter, compared to analysts’ expectations of $677.44 million. As a group, research analysts predict that WEX Inc. will post 13.75 earnings per share for the current year.

Insider Buying and Selling at WEX

In related news, COO Robert Joseph Deshaies sold 1,651 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $181.67, for a total transaction of $299,937.17. Following the completion of the sale, the chief operating officer now owns 7,757 shares in the company, valued at $1,409,214.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Robert Joseph Deshaies sold 1,651 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $181.67, for a total transaction of $299,937.17. Following the completion of the transaction, the chief operating officer now directly owns 7,757 shares of the company’s stock, valued at $1,409,214.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jagtar Narula sold 508 shares of WEX stock in a transaction on Friday, September 13th. The shares were sold at an average price of $200.00, for a total transaction of $101,600.00. Following the completion of the sale, the chief financial officer now owns 7,120 shares in the company, valued at $1,424,000. The disclosure for this sale can be found here. Insiders have sold a total of 5,985 shares of company stock valued at $1,094,907 over the last ninety days. 1.10% of the stock is currently owned by company insiders.

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.