Invenomic Capital Management LP Lowers Stock Position in WEX Inc. (NYSE:WEX)

Invenomic Capital Management LP lowered its position in WEX Inc. (NYSE:WEX) by 51.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 96,966 shares of the business services provider’s stock after selling 100,885 shares during the period. WEX comprises about 1.2% of Invenomic Capital Management LP’s portfolio, making the stock its 28th largest holding. Invenomic Capital Management LP’s holdings in WEX were worth $23,032,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC grew its position in WEX by 7.8% during the fourth quarter. SG Americas Securities LLC now owns 1,845 shares of the business services provider’s stock valued at $359,000 after buying an additional 134 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in WEX by 5.2% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 1,893 shares of the business services provider’s stock valued at $368,000 after buying an additional 94 shares during the period. Pacer Advisors Inc. grew its position in WEX by 76.3% during the fourth quarter. Pacer Advisors Inc. now owns 6,418 shares of the business services provider’s stock valued at $1,249,000 after buying an additional 2,778 shares during the period. International Assets Investment Management LLC grew its position in WEX by 19,044.7% during the fourth quarter. International Assets Investment Management LLC now owns 35,992 shares of the business services provider’s stock valued at $7,002,000 after buying an additional 35,804 shares during the period. Finally, Boit C F David grew its position in WEX by 13.0% during the fourth quarter. Boit C F David now owns 1,740 shares of the business services provider’s stock valued at $338,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 97.47% of the company’s stock.

Analyst Ratings Changes

WEX has been the subject of several research reports. Barclays increased their price target on shares of WEX from $255.00 to $280.00 and gave the company an “overweight” rating in a research report on Tuesday, April 16th. Keefe, Bruyette & Woods cut their target price on shares of WEX from $275.00 to $230.00 and set an “outperform” rating for the company in a research report on Monday, July 8th. Robert W. Baird increased their target price on shares of WEX from $272.00 to $285.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. William Blair upgraded shares of WEX to a “strong-buy” rating in a research report on Friday. Finally, Citigroup increased their target price on shares of WEX from $240.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, WEX has an average rating of “Moderate Buy” and a consensus target price of $240.42.

Insider Activity at WEX

In related news, SVP Sara Trickett sold 734 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $210.43, for a total value of $154,455.62. The sale was disclosed in a filing with the SEC, which is available through this link. In other WEX news, COO Robert Joseph Deshaies sold 1,897 shares of WEX stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $211.01, for a total transaction of $400,285.97. Following the transaction, the chief operating officer now directly owns 9,408 shares of the company’s stock, valued at $1,985,182.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Sara Trickett sold 734 shares of WEX stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $210.43, for a total transaction of $154,455.62. The disclosure for this sale can be found here. Insiders have sold 4,911 shares of company stock valued at $1,008,402 over the last three months. 1.10% of the stock is owned by corporate insiders.

WEX Price Performance

Shares of WEX stock traded down $2.45 during trading hours on Tuesday, reaching $184.18. The stock had a trading volume of 375,696 shares, compared to its average volume of 337,122. The stock’s fifty day simple moving average is $180.22 and its 200 day simple moving average is $205.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.66. WEX Inc. has a 12 month low of $161.95 and a 12 month high of $244.04. The firm has a market capitalization of $7.57 billion, a PE ratio of 29.95, a PEG ratio of 1.06 and a beta of 1.55.

WEX Company Profile

WEX Inc operates a commerce platform in the United States and internationally. The Mobility segment offers fleet vehicle payment solutions, transaction processing, and information management services; and provides account activation and account retention services; authorization and billing inquiries, and account maintenance services; account management; credit and collections services; merchant services; analytics solutions; and ancillary services and offerings.