Formula Growth Ltd. Purchases Shares of 8,200 WEX Inc. $WEX

Formula Growth Ltd. acquired a new stake in shares of WEX Inc. (NYSE:WEX) during the second quarter, Holdings Channel reports. The fund acquired 8,200 shares of the business services provider’s stock, valued at approximately $1,157,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in WEX by 158.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 350,892 shares of the business services provider’s stock valued at $55,097,000 after acquiring an additional 215,036 shares during the period. Empowered Funds LLC purchased a new position in WEX in the 1st quarter worth approximately $394,000. American Century Companies Inc. lifted its position in WEX by 1.9% in the second quarter. American Century Companies Inc. now owns 3,205 shares of the business services provider’s stock valued at $471,000 after purchasing an additional 60 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in WEX by 4,837.5% in the second quarter. EverSource Wealth Advisors LLC now owns 395 shares of the business services provider’s stock valued at $58,000 after purchasing an additional 387 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of WEX during the second quarter valued at approximately $271,000. Institutional investors own 97.47% of the company’s stock.

WEX Stock Performance

NYSE:WEX opened at $198.29 on Friday. The stock has a market cap of $6.76 billion, a P/E ratio of 19.75, a price-to-earnings-growth ratio of 1.04 and a beta of 0.82. The firm’s fifty day simple moving average is $169.90 and its 200 day simple moving average is $158.70. WEX Inc. has a twelve month low of $125.29 and a twelve month high of $203.99. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.62.

WEX (NYSE:WEX) last issued its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $5.35 EPS for the quarter, topping the consensus estimate of $5.08 by $0.27. WEX had a net margin of 12.56% and a return on equity of 43.19%. The business had revenue of $753.50 million during the quarter, compared to analyst estimates of $740.72 million. During the same period in the prior year, the business earned $3.95 EPS. The company’s revenue for the quarter was up 14.2% on a year-over-year basis. WEX has set its Q3 2026 guidance at 5.450-5.650 EPS and its FY 2026 guidance at 19.680-20.080 EPS. As a group, research analysts predict that WEX Inc. will post 17.11 EPS for the current year.

WEX announced that its board has authorized a stock buyback plan on Thursday, May 14th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the business services provider to purchase up to 21.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at WEX

In other WEX news, COO Robert Joseph Deshaies sold 2,000 shares of WEX stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $148.40, for a total transaction of $296,800.00. Following the sale, the chief operating officer directly owned 20,288 shares of the company’s stock, valued at approximately $3,010,739.20. The trade was a 8.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ann Elena Drew sold 3,400 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $176.02, for a total value of $598,468.00. Following the transaction, the insider owned 7,988 shares in the company, valued at $1,406,047.76. This trade represents a 29.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 8,658 shares of company stock worth $1,489,027 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on WEX shares. Keefe, Bruyette & Woods raised their target price on shares of WEX from $200.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Cantor Fitzgerald set a $178.00 price target on shares of WEX in a report on Monday, July 27th. Evercore raised shares of WEX to an “outperform” rating in a research report on Tuesday, July 21st. Mizuho raised their price target on shares of WEX from $170.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, July 24th. Finally, Morgan Stanley boosted their price objective on shares of WEX from $161.00 to $172.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 21st. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $183.30.

About WEX

WEX Inc is a global financial technology company specializing in business payment solutions for fleet, travel, and corporate payments. The company delivers software-driven platforms and card-based services that help businesses automate payment processes, manage expenses and improve operational efficiency across a range of industries, including transportation, healthcare and government.

Founded in 1983 as Wright Express in Portland, Maine, the company began by offering fuel card services to trucking fleets.