Vertex (NASDAQ:VERX) Trading Down 5.8% – Here’s Why

Shares of Vertex, Inc. (NASDAQ:VERX) dropped 5.8% during mid-day trading on Wednesday . The company traded as low as $11.86 and last traded at $11.57. Approximately 222,322 shares changed hands during trading, a decline of 88% from the average session volume of 1,828,455 shares. The stock had previously closed at $12.28.

Wall Street Analysts Forecast Growth

VERX has been the subject of a number of analyst reports. Piper Sandler raised their price target on Vertex from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Citigroup boosted their price objective on Vertex from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. TD Cowen started coverage on Vertex in a report on Monday, June 29th. They set a “buy” rating and a $14.00 price objective on the stock. DA Davidson set a $15.00 target price on Vertex in a research note on Friday, May 8th. Finally, BMO Capital Markets lifted their target price on Vertex from $14.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $20.20.

Vertex Price Performance

The firm has a market capitalization of $1.81 billion, a P/E ratio of -224.42 and a beta of 0.83. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.86 and a current ratio of 0.86. The business has a 50 day simple moving average of $12.54 and a two-hundred day simple moving average of $13.93.

Vertex (NASDAQ:VERX) last released 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 for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 EPS. On average, sell-side analysts expect that Vertex, Inc. will post 0.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Vertex

Several hedge funds have recently bought and sold shares of VERX. Advisors Asset Management Inc. boosted its position in Vertex by 25.7% during the first quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock valued at $68,000 after buying an additional 395 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Vertex by 9.9% in the third quarter. Victory Capital Management Inc. now owns 8,354 shares of the company’s stock worth $207,000 after buying an additional 753 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Vertex by 1.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 83,056 shares of the company’s stock worth $2,933,000 after buying an additional 1,121 shares during the period. Assetmark Inc. increased its holdings in shares of Vertex by 49.1% in the fourth quarter. Assetmark Inc. now owns 4,180 shares of the company’s stock worth $83,000 after buying an additional 1,376 shares during the period. Finally, California State Teachers Retirement System lifted its stake in shares of Vertex by 2.2% in the 2nd quarter. California State Teachers Retirement System now owns 63,009 shares of the company’s stock valued at $2,226,000 after acquiring an additional 1,383 shares during 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.