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WEX Inc. ($WEX) Stock Forecast: Down 7.3% Today

Morpher AI identified a bearish signal. The stock price may continue to fall based on the momentum of the negative news.

What is WEX Inc.?

WEX (NYSE: WEX) is a global commerce platform that simplifies the business of running a business. Today, the stock had a strong bearish movement.

Why is WEX Inc. going down?

WEX stock is down 7.3% on Apr 25, 2024 17:26

  • WEX reported Q1 2024 earnings per share of $3.46, missing the analyst estimate of $3.48, and revenue of $652.70 million, which was below the expected $654.70 million. This disappointing financial performance likely contributed to the bearish market movement.
  • Despite signing a new long-term agreement with Booking.com, the market may have reacted negatively to the missed earnings and revenue figures, overshadowing the positive news.
  • Investors might have been expecting stronger results from WEX in Q1 2024, especially considering the anticipated benefits from segmental strength.
  • The market sentiment towards WEX could have been further dampened by the fact that the company's agreement with Booking.com was not enough to offset the concerns raised by the underwhelming financial results.

WEX Price Chart

WEX News

WEX Stock Earnings: WEX Misses EPS, Misses Revenue for Q1 2024

WEX (NYSE:WEX) just reported results for the first quarter of 2024. WEX reported earnings per share of $3.46. This was below the analyst estimate for EPS of $3.48. The company reported revenue of $652.70 million. This was 0.31% worse than the analyst estimate for revenue of $654.70 million. InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.

https://investorplace.com/earning-results/2024/04/wex-stock-earnings-wex-for-q1-of-2024/

News Article Image WEX Stock Earnings: WEX Misses EPS, Misses Revenue for Q1 2024

Wex signs new long-term agreement with Booking.com

No summary available.

https://seekingalpha.com/news/4094022-wex-signs-new-long-term-agreement-with-bookingcom?feed_item_type=news

News Article Image Wex signs new long-term agreement with Booking.com

WEX Inc. Reports First Quarter 2024 Financial Results

PORTLAND, Maine--(BUSINESS WIRE)--WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today reported financial results for the three months ended Marc…

https://www.finanznachrichten.de/nachrichten-2024-04/62048690-wex-inc-reports-first-quarter-2024-financial-results-004.htm

News Article Image WEX Inc. Reports First Quarter 2024 Financial Results

WEX Signs Agreement with Leading Online Travel Platform Booking.com

WEX (NYSE:WEX), the global commerce platform that simplifies the business of running a business, today announced that it has reached a new long-term agreement with Booking.com, effective April 2024. This agreement distinguishes WEX as Booking.com’s preferred virtual card provider as it continues providing WEX payment solutions in support of Booking.com’s payments vision to make buying and selling Jetzt den vollständigen Artikel lesen

https://www.wallstreet-online.de/nachricht/18019923-wex-signs-agreement-with-leading-online-travel-platform-booking-com

News Article Image WEX Signs Agreement with Leading Online Travel Platform Booking.com

What to Expect From WEX's First-Quarter 2024 Earnings Report

WEX's first-quarter 2023 revenues are expected to benefit from segmental strength.

https://www.zacks.com/stock/news/2260529/what-to-expect-from-wexs-first-quarter-2024-earnings-report

News Article Image What to Expect From WEX's First-Quarter 2024 Earnings Report

WEX Inc. Price History

25.03.2024 - WEX Stock was down 7.3%

  • WEX reported Q1 2024 earnings per share of $3.46, missing the analyst estimate of $3.48, and revenue of $652.70 million, which was below the expected $654.70 million. This disappointing financial performance likely contributed to the bearish market movement.
  • Despite signing a new long-term agreement with Booking.com, the market may have reacted negatively to the missed earnings and revenue figures, overshadowing the positive news.
  • Investors might have been expecting stronger results from WEX in Q1 2024, especially considering the anticipated benefits from segmental strength.
  • The market sentiment towards WEX could have been further dampened by the fact that the company's agreement with Booking.com was not enough to offset the concerns raised by the underwhelming financial results.

25.03.2024 - WEX Stock was down 7.5%

  • The bearish movement could be linked to profit-taking by investors following a recent positive news cycle.
  • Despite securing a new long-term agreement with Booking.com, the market's response to the first-quarter financial results may have been negative.
  • Investors may have been dissatisfied with the first-quarter earnings report, resulting in a sell-off of the stock.
  • The market might have anticipated more robust revenue growth from WEX in the first quarter, leading to bearish sentiment among traders.

15.01.2024 - WEX Stock was up 5.1%

  • WEX announced a significant expansion of its share repurchase program, illustrating confidence in the company's future prospects and the potential to enhance shareholder value.
  • By aiming to generate sustainable cash flow and value for shareholders through the increased share repurchase program, WEX may have contributed to the upward movement in its stock.
  • WEX's Composite Rating has been upgraded to 96, suggesting strong performance metrics and technical strength, which further supports the positive market movement.
  • Given the absence of noteworthy developments from the earnings call or conference transcript, it is likely that the share repurchase program and favorable market sentiment played key roles in driving the upward movement.

08.01.2024 - WEX Stock was up 5.4%

  • New York Life Investment Management LLC increased its holdings in WEX, indicating growing confidence in the company.
  • The upcoming earnings report for WEX is generating positive expectations among investors, with analysts estimating an EPS of $3.70.
  • Investors are hoping for positive guidance or forecasted growth from WEX, which could further boost the stock's performance.
  • In summary, increased holdings by New York Life Investment Management and positive expectations for the upcoming earnings report are likely driving the bullish movement in WEX stock.

26.09.2023 - WEX Stock was down 6.9%

  • WEX reported strong Q3 earnings, beating expectations and showing growth in revenue.
  • The company also announced the signing of a definitive agreement to acquire Payzer, a field service management software provider, which could create additional cross-sell opportunities.
  • Despite these positive developments, the stock experienced a bearish movement, possibly due to market factors or investor sentiment.
  • Investors were likely disappointed with the earnings outlook for WEX, as the company is expected to report lower earnings per share than estimated.
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Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.