Vertex (NASDAQ:VERX) Shares Down 7.3% – Here’s What Happened

Vertex, Inc. (NASDAQ:VERX) shares dropped 7.3% on Tuesday . The company traded as low as $12.00 and last traded at $12.1080. Approximately 1,514,553 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 2,246,478 shares. The stock had previously closed at $13.06.

Analysts Set New Price Targets

Several analysts have issued reports on the company. BMO Capital Markets cut their price objective on Vertex from $22.00 to $16.00 and set a “market perform” rating on the stock in a report on Thursday, February 12th. Jefferies Financial Group downgraded shares of Vertex from a “buy” rating to a “hold” rating and set a $16.00 target price on the stock. in a research report on Wednesday, February 11th. Weiss Ratings restated a “sell (d)” rating on shares of Vertex in a report on Wednesday, January 21st. Needham & Company LLC reduced their price target on shares of Vertex from $30.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, February 11th. Finally, The Goldman Sachs Group decreased their price objective on shares of Vertex from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Thursday, February 12th. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Vertex presently has a consensus rating of “Hold” and an average price target of $23.07.

Vertex Stock Performance

The firm has a 50 day moving average of $15.16 and a 200-day moving average of $19.60. The stock has a market capitalization of $1.88 billion, a PE ratio of 294.32, a P/E/G ratio of 1.43 and a beta of 0.63. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.98 and a current ratio of 0.98.

Vertex (NASDAQ:VERX) last released its earnings results on Wednesday, February 11th. The company reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $194.71 million for the quarter, compared to analysts’ expectations of $194.33 million. Vertex had a return on equity of 24.70% and a net margin of 0.96%.The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.15 EPS. Research analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Eric C. Andersen bought 40,000 shares of the business’s stock in a transaction on Friday, February 20th. The stock was bought at an average price of $12.91 per share, for a total transaction of $516,400.00. Following the transaction, the director directly owned 150,341 shares in the company, valued at $1,940,902.31. This represents a 36.25% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey Westphal bought 247,740 shares of the firm’s stock in a transaction on Friday, February 13th. The shares were bought 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 437,740 shares of company stock worth $5,636,339 over the last ninety days. 43.25% of the stock is currently owned by insiders.

Institutional Trading of Vertex

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada boosted its position 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 purchasing an additional 48,181 shares during the last quarter. Advisors Asset Management Inc. increased its position in Vertex by 25.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock worth $68,000 after purchasing an additional 395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Vertex by 4.4% during 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 in the last quarter. Swiss National Bank raised its stake in shares of Vertex by 0.9% during the 2nd quarter. Swiss National Bank now owns 130,400 shares of the company’s stock worth $4,608,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Vertex by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 79,575 shares of the company’s stock valued at $2,812,000 after buying an additional 5,515 shares during the last quarter. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

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.