Vertex (NASDAQ:VERX) Trading Up 7.1% – Here’s What Happened

Vertex, Inc. (NASDAQ:VERX)’s stock price was up 7.1% on Friday . The company traded as high as $11.65 and last traded at $11.6610. Approximately 1,575,726 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 1,846,413 shares. The stock had previously closed at $10.89.

Wall Street Analyst Weigh In

VERX has been the subject of several research reports. Piper Sandler increased their price target on shares of Vertex from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, May 7th. Morgan Stanley reissued an “equal weight” rating and set a $15.00 price objective (down from $19.00) on shares of Vertex in a research note on Tuesday. DA Davidson set a $15.00 price objective on shares of Vertex in a report on Friday, May 8th. Jefferies Financial Group set a $14.00 target price on shares of Vertex in a research note on Saturday, May 9th. Finally, BMO Capital Markets lifted their target price on shares of Vertex from $14.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $20.20.

Vertex Stock Up 9.0%

The firm has a market capitalization of $1.92 billion, a P/E ratio of -237.40 and a beta of 0.83. The company has a fifty day simple moving average of $12.46 and a 200 day simple moving average of $13.79. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.37.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.01. The firm had revenue of $196.65 million during the quarter, compared to the consensus estimate of $194.82 million. Vertex had a positive return on equity of 26.04% and a negative net margin of 0.84%.The company’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the company earned $0.15 earnings per share. On average, equities analysts expect that Vertex, Inc. will post 0.52 EPS for the current fiscal year.

Institutional Trading of Vertex

Institutional investors and hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new position in Vertex in the fourth quarter worth about $32,000. Empowered Funds LLC purchased a new stake in shares of Vertex during the fourth quarter valued at approximately $45,000. Raymond James Financial Inc. purchased a new stake in shares of Vertex during the second quarter valued at approximately $54,000. Advisors Asset Management Inc. increased its position in shares of Vertex by 36.9% during the fourth quarter. Advisors Asset Management Inc. now owns 3,320 shares of the company’s stock valued at $66,000 after acquiring an additional 895 shares in the last quarter. Finally, Assetmark Inc. increased its position in shares of Vertex by 49.1% during the fourth quarter. Assetmark Inc. now owns 4,180 shares of the company’s stock valued at $83,000 after acquiring an additional 1,376 shares in the last quarter. 70.32% of the stock is currently owned by institutional investors.

About Vertex

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.