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Donoghue Forlines LLC recently snagged a substantial new stake in WEX Inc. (NYSE:WEX), according to a filing with the SEC. The fund acquired a total of 7,934 shares in the fourth quarter of 2022, valued at approximately $1,298,000. WEX Inc., a leading financial technology services provider, operates on three different segments which include; Fleet Solutions, Travel and Corporate Solutions and Health and Employee Benefit Solutions. Their Fleet Solutions segment offers fleet vehicle payment processing services ranging from account activation and customer retention to billing inquiries and merchant services as well as account maintenance services.
Other services they offer includes credit and collection services as well ancillary tools for fleets designed specifically to monitor expenses and other capital requirements. The stock offerings of WEX have seen increased focus in the light of several recent reports by research firms such as Mizuho, Barclays, Morgan Stanley among others which forecasted their respective views about the company’s stock situation.
Morgan Stanley had raised its price objective from $157.00 to $199.00 giving it an “equal weight” rating in February while Mizuho decreased its price objectives from $220.00 to $200.00 a month later. In conclusion, despite mixed reviews from these research firms regarding its growth potential, WEX still maintains an average rating of “Moderate Buy” on popular trading platform Bloomberg.com with an overall consensus target price of $208.90 – testament to its potential profitability for investors willing to take calculated risks. US Financial Technology Company WEX Inc Attracts Institutional Investors WEX Inc, a US-based financial technology services provider, has attracted the attention of several institutional investors.
National Bank of Canada FI purchased a new stake in WEX during the last quarter for approximately $26,000. Additionally, Lindbrook Capital LLC increased its holdings by 85.6%, bringing its total shares in the company to 167 and valued at $27,000. Signaturefd LLC grew its position in WEX by 70.2% and now holds 223 shares worth $36,000 after purchasing an additional 92 shares during the fourth quarter of last year.
Lazard Asset Management LLC also bought newly issued WEX shares in Q1 2023 at around $44,000 while CWM LLC raised its shareholding by buying an additional 132 shares in the same period. Meanwhile, Director Regina O Sommer has recently sold over a thousand WEX shares for a total transaction size of over $240,000 on Tuesday, February 28th.
Sommer now owns 14,272 shares of WEX with an estimated value of about $2.7 million. Also selling some company stock is insider Melanie J Tinto with over 2 thousand shares for almost half a million dollars on February 14th this year. Founded as Wright Express Corporation in South Portland, Maine back in March 1983 before being rebranded as Wex (NYSE:WEX) – it provides three main product lines; Fleet Solutions which allows payment processing services for fleets globally; Travel and Corporate Solutions that includes payment processing services for corporate and complex travel based expenditure; finally Health and Employee Benefit Solutions including customer engagement software via mobile or online platforms to simplify benefit enrolment processes for HR teams within companies. Shares of NYSE:WEX closed at $174.70 on May 6th following strong support among institutional investors worldwide with interest from banks who are traditionally highly selective when it comes to investing their funds.
With a market capitalization of $7.48 billion and a PE ratio of 50.73, the company has demonstrated a robust net margin of 6.00% within its last earnings report, recorded on Thursday the 9th February earlier this year. In spite of COVID-19 challenges that threatened financial stability in H2 2022, WEX’s resilience makes it an attractive investment and analysts expect the company’s post-tax earnings to increase to $12.28 per share for the current fiscal year.
