Stock Traders Purchase Large Volume of Put Options on WEX (WEX)
WEX Inc. (NYSE:WEX) was the target of unusually large options trading activity on Wednesday. Traders bought 694 put options on the company. This represents an increase of Infinity compared to the average daily volume of 0 put options.
WEX (WEX) opened at $121.36 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.66 and a debt-to-equity ratio of 0.20. The stock has a market cap of $5,276.71, a price-to-earnings ratio of 25.67, a PEG ratio of 1.77 and a beta of 1.88.
WEX (NYSE:WEX) last released its quarterly earnings results on Wednesday, November 1st. The business services provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.14. WEX had a net margin of 7.09% and a return on equity of 13.16%. The company had revenue of $324.00 million for the quarter, compared to analyst estimates of $312.57 million. During the same period last year, the firm earned $1.25 earnings per share. The firm’s revenue was up 12.6% on a year-over-year basis. equities analysts anticipate that WEX will post 4.86 EPS for the current fiscal year.
WEX declared that its board has authorized a share repurchase plan on Tuesday, September 26th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
A number of research firms have commented on WEX. Keefe, Bruyette & Woods set a $130.00 price target on shares of WEX and gave the stock a “buy” rating in a report on Sunday, August 13th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and set a $120.00 price objective on shares of WEX in a report on Thursday, August 10th. BidaskClub upgraded shares of WEX from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Morgan Stanley lifted their price objective on shares of WEX from $113.00 to $123.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Barclays PLC lifted their price objective on shares of WEX from $124.00 to $129.00 and gave the company an “equal weight” rating in a report on Thursday. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. WEX currently has an average rating of “Buy” and an average price target of $127.67.
In other WEX news, SVP Hilary A. Rapkin sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $115.00, for a total value of $287,500.00. Following the completion of the sale, the senior vice president now directly owns 15,224 shares in the company, valued at $1,750,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Melissa D. Smith sold 3,333 shares of the firm’s stock in a transaction on Tuesday, September 26th. The stock was sold at an average price of $115.00, for a total transaction of $383,295.00. Following the completion of the sale, the chief executive officer now owns 67,047 shares of the company’s stock, valued at $7,710,405. The disclosure for this sale can be found here. Insiders sold 2,399,171 shares of company stock valued at $245,448,880 over the last 90 days. Corporate insiders own 0.86% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC bought a new position in shares of WEX during the second quarter valued at about $289,000. Mutual of America Capital Management LLC lifted its position in shares of WEX by 1.5% during the third quarter. Mutual of America Capital Management LLC now owns 32,432 shares of the business services provider’s stock valued at $3,640,000 after purchasing an additional 472 shares in the last quarter. Capstone Asset Management Co. lifted its position in shares of WEX by 5.5% during the second quarter. Capstone Asset Management Co. now owns 3,631 shares of the business services provider’s stock valued at $379,000 after purchasing an additional 190 shares in the last quarter. Marshall Wace North America L.P. bought a new position in shares of WEX during the second quarter valued at about $1,411,000. Finally, BlackRock Inc. lifted its position in shares of WEX by 15,129.9% during the first quarter. BlackRock Inc. now owns 3,044,752 shares of the business services provider’s stock valued at $315,131,000 after purchasing an additional 3,024,760 shares in the last quarter.
WEX Company Profile
WEX Inc is a provider of corporate payment solutions. The Company operates through three segments: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides customers with payment and transaction processing services designed for the needs of commercial and government fleets.
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