Vertex (NASDAQ:VERX) Shares Gap Down – What’s Next?

Vertex, Inc. (NASDAQ:VERX)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $12.89, but opened at $12.19. Vertex shares last traded at $12.2140, with a volume of 171,382 shares changing hands.

Analysts Set New Price Targets

Several research analysts have commented on VERX shares. Needham & Company LLC restated a “buy” rating on shares of Vertex in a report on Monday, June 8th. Citigroup raised their price objective on shares of Vertex from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, May 8th. DA Davidson set a $15.00 price objective on Vertex in a research report on Friday, May 8th. TD Cowen assumed coverage on Vertex in a research report on Monday, June 29th. They issued a “buy” rating and a $14.00 target price for the company. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $21.00 target price on shares of Vertex in a research note on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $20.20.

Vertex Stock Down 6.0%

The stock’s 50 day simple moving average is $12.57 and its two-hundred day simple moving average is $13.98. The firm has a market cap of $1.96 billion, a P/E ratio of -242.22 and a beta of 0.83. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.86 and a quick ratio of 0.86.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.01. Vertex had a positive return on equity of 26.04% and a negative net margin of 0.84%.The company had revenue of $196.65 million for the quarter, compared to the consensus estimate of $194.82 million. During the same quarter in the prior year, the business posted $0.15 EPS. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, research analysts forecast that Vertex, Inc. will post 0.52 earnings per share for the current year.

Hedge Funds Weigh In On Vertex

Large investors have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Vertex in the 1st quarter worth about $37,796,000. Wasatch Advisors LP raised its holdings in Vertex by 9.2% in the third quarter. Wasatch Advisors LP now owns 2,728,504 shares of the company’s stock worth $67,640,000 after buying an additional 229,774 shares during the last quarter. Wellington Management Group LLP raised its holdings in Vertex by 76.7% in the third quarter. Wellington Management Group LLP now owns 2,161,501 shares of the company’s stock worth $53,584,000 after buying an additional 937,905 shares during the last quarter. State Street Corp lifted its stake in shares of Vertex by 8.0% in the fourth quarter. State Street Corp now owns 1,849,171 shares of the company’s stock worth $36,928,000 after buying an additional 136,656 shares in the last quarter. Finally, Park West Asset Management LLC grew its holdings in shares of Vertex by 46.7% during the fourth quarter. Park West Asset Management LLC now owns 1,833,428 shares of the company’s stock valued at $36,614,000 after buying an additional 583,428 shares during the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.

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.