Robert Joseph Deshaies, the Chief Operating Officer of Benefits at WEX Inc. (NYSE:WEX), recently executed a sale of company stock. According to a recent SEC filing, Deshaies sold 175 shares of common stock at a price of $189.44 per share, totaling approximately $33,152. Following this transaction, Deshaies holds 7,582 shares of WEX Inc. stock. The transaction comes as WEX, currently valued at $7.4 billion, trades at $186 per share. InvestingPro analysis indicates the stock is trading below its Fair Value, with analyst price targets ranging from $170 to $260. According to InvestingPro Tips, stock price movements have been notably volatile, which could present opportunities for investors. Get deeper insights into insider trading patterns and 8 additional ProTips with an InvestingPro subscription, including access to the comprehensive Pro Research Report covering WEX among 1,400+ top US stocks.
In other recent news, WEX Inc. reported a slight increase in its third-quarter revenue for 2024, reaching $665 million, a 2% year-over-year rise. Adjusted net income per diluted share marked a 7% increase, achieving $4.35. However, due to declining fuel prices and operational issues, WEX revised its 2024 guidance, anticipating Q4 revenue to be between $630 million and $640 million, and full-year revenue to range from $2.62 billion to $2.63 billion. Mizuho (NYSE:MFG) Securities lowered the price target for WEX Inc. from $206 to $200, citing potential macroeconomic challenges signaled by fleet purchasing trends. Despite this, Mizuho maintained an Outperform rating for the company. Concurrently, Wolfe Research downgraded WEX Inc. from 'Outperform' to 'Peer Perform', voicing concerns over the company's ability to accelerate revenue amid sector-specific headwinds. Amid these developments, WEX Inc. continues to invest in growth initiatives, such as AI-powered Benefit Assistance offerings, demonstrating its resilience in a fluctuating market.
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