Vertex (NASDAQ:VERX) Stock Price Down 6% – Here’s What Happened

Vertex, Inc. (NASDAQ:VERX)’s stock price was down 6% during mid-day trading on Monday . The company traded as low as $14.11 and last traded at $14.0390. Approximately 162,304 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,919,691 shares. The stock had previously closed at $14.93.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on VERX shares. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Vertex in a research note on Thursday, May 7th. Weiss Ratings downgraded Vertex from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday. Jefferies Financial Group set a $14.00 price objective on Vertex in a research note on Saturday. UBS Group set a $25.00 price objective on shares of Vertex in a research note on Thursday, February 12th. Finally, BMO Capital Markets lifted their price objective on shares of Vertex from $14.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Seven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Vertex presently has an average rating of “Hold” and a consensus price target of $20.93.

Vertex Stock Down 5.8%

The firm has a market capitalization of $2.04 billion, a PE ratio of -254.80 and a beta of 0.81. The business’s 50 day simple moving average is $12.86 and its 200 day simple moving average is $16.72. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.37.

Vertex (NASDAQ:VERX) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. Vertex had a negative net margin of 0.84% and a positive return on equity of 26.04%. The business had revenue of $196.65 million during the quarter, compared to analysts’ expectations of $194.82 million. During the same period last year, the company posted $0.15 EPS. The business’s revenue was up 11.1% on a year-over-year basis. On average, equities research analysts forecast that Vertex, Inc. will post 0.48 earnings per share for the current year.

Insider Transactions at Vertex

In other news, Director Eric C. Andersen purchased 40,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was purchased at an average cost of $12.91 per share, with a total value of $516,400.00. Following the purchase, the director owned 150,341 shares in the company, valued at approximately $1,940,902.31. This trade represents a 36.25% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffrey Westphal purchased 247,740 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The shares were purchased at an average cost of $13.08 per share, with a total value of $3,240,439.20. Following the completion of the purchase, the insider owned 247,740 shares in the company, valued at $3,240,439.20. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 437,740 shares of company stock valued at $5,636,339. 43.25% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Vertex

Large investors have recently made changes to their positions in the company. Advisors Asset Management Inc. raised its stake in shares of Vertex by 25.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock worth $68,000 after acquiring an additional 395 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in Vertex by 0.4% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 137,913 shares of the company’s stock valued at $3,456,000 after purchasing an additional 564 shares in the last quarter. Verdence Capital Advisors LLC increased its stake in Vertex by 5.5% during the 3rd quarter. Verdence Capital Advisors LLC now owns 11,538 shares of the company’s stock valued at $296,000 after purchasing an additional 600 shares in the last quarter. Victory Capital Management Inc. increased its stake in Vertex by 9.9% during the 3rd quarter. Victory Capital Management Inc. now owns 8,354 shares of the company’s stock valued at $207,000 after purchasing an additional 753 shares in the last quarter. Finally, AlphaQuest LLC increased its stake in Vertex by 10.4% during the 3rd quarter. AlphaQuest LLC now owns 10,732 shares of the company’s stock valued at $266,000 after purchasing an additional 1,014 shares in the last quarter. 70.32% of the stock is owned by hedge funds and other 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.