Vertex (NASDAQ:VERX) Shares Gap Up After Insider Buying Activity

Vertex, Inc. (NASDAQ:VERX)’s share price gapped up before the market opened on Thursday following insider buying activity. The stock had previously closed at $12.09, but opened at $12.93. Vertex shares last traded at $13.0590, with a volume of 626,927 shares changing hands.

Specifically, insider Jeffrey Westphal purchased 150,000 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were acquired at an average price of $12.53 per share, for a total transaction of $1,879,500.00. Following the completion of the acquisition, the insider directly owned 397,740 shares of the company’s stock, valued at $4,983,682.20. The trade was a 60.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Westphal acquired 247,740 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The stock was purchased at an average cost of $13.08 per share, with a total value of $3,240,439.20. Following the purchase, the insider directly owned 247,740 shares in the company, valued at approximately $3,240,439.20. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on VERX. Weiss Ratings restated a “sell (d)” rating on shares of Vertex in a report on Wednesday, January 21st. Robert W. Baird set a $25.00 price objective on Vertex in a research note on Tuesday, November 4th. Morgan Stanley set a $20.00 target price on Vertex in a research note on Thursday, February 12th. The Goldman Sachs Group reduced their price target on shares of Vertex from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 12th. Finally, Citizens Jmp lowered their price objective on shares of Vertex from $37.00 to $25.00 and set a “market outperform” rating on the stock in a research report on Thursday, February 12th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $23.07.

Vertex Stock Up 7.5%

The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 324.86, a P/E/G ratio of 1.47 and a beta of 0.59. The business has a fifty day moving average of $18.31 and a 200 day moving average of $21.78. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.01 and a quick ratio of 1.01.

Vertex (NASDAQ:VERX) last posted its earnings results on Wednesday, February 11th. The company reported $0.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.17. The firm had revenue of $194.71 million during the quarter, compared to analysts’ expectations of $194.33 million. Vertex had a net margin of 0.96% and a return on equity of 25.25%. The company’s revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.15 earnings per share. On average, equities analysts predict that Vertex, Inc. will post 0.38 earnings per share for the current year.

Vertex announced that its Board of Directors has initiated a share buyback program on Monday, November 3rd that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Vertex

Several hedge funds have recently bought and sold shares of the business. Royal Bank of Canada raised its holdings in Vertex by 36.3% during the first quarter. Royal Bank of Canada now owns 180,978 shares of the company’s stock valued at $6,336,000 after buying an additional 48,181 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of Vertex by 25.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock valued at $68,000 after acquiring an additional 395 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Vertex by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,935 shares of the company’s stock worth $2,869,000 after purchasing an additional 3,461 shares during the last quarter. Whittier Trust Co. lifted its holdings in Vertex by 2.6% in the 2nd quarter. Whittier Trust Co. now owns 260,875 shares of the company’s stock worth $9,216,000 after purchasing an additional 6,613 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in Vertex by 3.6% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 137,349 shares of the company’s stock valued at $4,852,000 after purchasing an additional 4,784 shares during the last quarter. 70.32% of the stock is owned by institutional investors and hedge funds.

Vertex Company Profile

Vertex Energy, Inc (NASDAQ: VERX) is a specialty refiner and marketer of transportation fuels and petrochemical feedstocks in the United States. The company collects and processes a variety of waste petroleum products, including used motor oil and industrial lubricants, which it converts into ultra-low-sulfur diesel, asphalt, and other refined products. By leveraging proprietary re-refining technologies and strategic feedstock sourcing, Vertex Energy aims to deliver cost-effective, lower-carbon fuel solutions to wholesale and retail customers across the country.

Headquartered in Houston, Texas, Vertex operates a network of refining and blending facilities in key regions, including the Central, Northeast and Mid-Atlantic markets.