The stock of WEX Inc (NYSE:WEX) gapped up by $0.59 today and has $143.63 target or 37.00% above today’s $104.84 share price. The 9 months technical chart setup indicates low risk for the $4.48B company. The gap was reported on Oct, 14 by Barchart.com. If the $143.63 price target is reached, the company will be worth $1.66 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 226,964 shares traded hands. WEX Inc (NYSE:WEX) has risen 29.84% since March 11, 2016 and is uptrending. It has outperformed by 24.38% the S&P500.
Analysts await WEX Inc (NYSE:WEX) to report earnings on October, 26. They expect $1.07 earnings per share, down 11.57% or $0.14 from last year’s $1.21 per share. WEX’s profit will be $45.72M for 24.50 P/E if the $1.07 EPS becomes a reality. After $1.00 actual earnings per share reported by WEX Inc for the previous quarter, Wall Street now forecasts 7.00% EPS growth.
WEX Inc (NYSE:WEX) Ratings Coverage
Out of 15 analysts covering WEX (NYSE:WEX), 4 rate it a “Buy”, 1 “Sell”, while 10 “Hold”. This means 27% are positive. WEX has been the topic of 33 analyst reports since August 14, 2015 according to StockzIntelligence Inc. The rating was upgraded by Zacks on Tuesday, September 1 to “Sell”. The stock has “Neutral” rating given by Suntrust Robinson on Friday, June 24. CLSA upgraded the shares of WEX in a report on Thursday, September 1 to “Outperform” rating. The firm has “Outperform” rating given on Monday, November 2 by Oppenheimer. The firm has “Sell” rating by Zacks given on Wednesday, August 26. Oppenheimer maintained WEX Inc (NYSE:WEX) rating on Tuesday, February 9. Oppenheimer has “Outperform” rating and $78 price target. Wells Fargo upgraded WEX Inc (NYSE:WEX) on Friday, January 22 to “Outperform” rating. The rating was maintained by Jefferies on Monday, September 19 with “Buy”. As per Friday, August 14, the company rating was downgraded by JP Morgan. As per Wednesday, August 19, the company rating was initiated by Barclays Capital.
According to Zacks Investment Research, “WEX Inc. provides physical, digital and virtual corporate card payment solutions. The Company operates in two segments: Fleet Payment Solutions and Other Payment Solutions. The Fleet Payment Solutions segment provides customers with fleet vehicle payment processing services. The Other Payment Solutions segment provides customers with payment processing solutions for their corporate purchasing and transaction monitoring needs through its corporate purchase card, its prepaid and gift card products and services. WEX Inc., formerly known as Wright Express Corporation, is headquartered in South Portland, Maine.”
Insitutional Activity: The institutional sentiment increased to 1.49 in 2016 Q2. Its up 0.27, from 1.22 in 2016Q1. The ratio improved, as 16 funds sold all WEX Inc shares owned while 59 reduced positions. 25 funds bought stakes while 87 increased positions. They now own 39.12 million shares or 0.20% more from 39.04 million shares in 2016Q1.
Atlantic Trust Gru Ltd Liability Corp has invested 0.05% of its portfolio in WEX Inc (NYSE:WEX). Envestnet Asset Mgmt has 13,638 shares for 0% of their US portfolio. New York State Common Retirement Fund holds 0.01% of its portfolio in WEX Inc (NYSE:WEX) for 92,800 shares. Checchi Capital Advisers Ltd Liability Corporation has 0% invested in the company for 392 shares. The Colorado-based Janus Management Ltd Liability Corp has invested 0.18% in WEX Inc (NYSE:WEX). Utd Svcs Automobile Association accumulated 0.03% or 90,546 shares. Bbva Compass Bancshares last reported 4,216 shares in the company. Weaver C Barksdale & Assoc last reported 44 shares in the company. The Massachusetts-based Par Cap Mgmt has invested 0.62% in WEX Inc (NYSE:WEX). The Nebraska-based Ameritas Inv Prns Inc has invested 0.04% in WEX Inc (NYSE:WEX). Trustmark Financial Bank Trust Department, a Mississippi-based fund reported 2,292 shares. The New York-based Alliancebernstein L P has invested 0% in WEX Inc (NYSE:WEX). Btim last reported 0.4% of its portfolio in the stock. Elk Creek Prtnrs Limited Liability Company owns 45,993 shares or 0.37% of their US portfolio. Blackrock Ltd has invested 0% of its portfolio in WEX Inc (NYSE:WEX).
More important recent WEX Inc (NYSE:WEX) news were published by: Finance.Yahoo.com which released: “WEX Inc. to Release Third Quarter 2016 Financial Results on Thursday, October …” on October 13, 2016, also Businesswire.com published article titled: “WEX Inc. Answers Southeast Asia’s Call for Superior Card Management”, Businesswire.com published: “WEX Inc. Expands Parental Leave Policy in the United States” on September 27, 2016. More interesting news about WEX Inc (NYSE:WEX) was released by: Businesswire.com and their article: “WEX Inc. Elects John (Jeb) E. Bachman to Board of Directors” with publication date: September 26, 2016.
WEX Company Profile
WEX Inc., incorporated on June 18, 1999, is a well-known provider of corporate payment solutions. The Firm operates through three divisions: Fleet Solutions, Travel and Corporate Solutions, and Health and Employee Benefit Solutions. The Fleet Solutions segment provides clients with payment and transaction processing services designed for the needs of commercial and government fleets. This segment also provides information management services to these fleet customers. The Travel and Corporate Solutions segment focuses on the complex payment environment of business-to-business payments, providing clients with payment processing solutions for their corporate payment and transaction monitoring needs. The Health and Employee Benefit Solutions segment provides healthcare payment products and software as a service (SaaS) consumer directed platforms, as well as payroll related benefits to clients in Brazil. The United States activities include the Company and its subsidiaries WEX Bank, WEX FleetOne, Evolution1 and Benaissance. The Company’s international activities include its subsidiaries, WEX Fuel Cards Australia, WEX Prepaid Cards Australia, WEX New Zealand, WEX Europe Limited, UNIK S.A., and an equity position in WEX Europe Services Limited and its subsidiaries.
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