Vertex (NASDAQ:VERX) Shares Gap Up After Insider Buying Activity

Vertex, Inc. (NASDAQ:VERX)’s share price gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $12.09, but opened at $12.93. Vertex shares last traded at $13.0590, with a volume of 626,927 shares changing hands.

Specifically, insider Jeffrey Westphal purchased 150,000 shares of the stock in a transaction dated Tuesday, February 17th. The stock was acquired at an average cost of $12.53 per share, for a total transaction of $1,879,500.00. Following the acquisition, the insider owned 397,740 shares of the company’s stock, valued at $4,983,682.20. The trade was a 60.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeffrey Westphal acquired 247,740 shares of Vertex stock in a transaction that occurred on Friday, February 13th. The shares were purchased at an average price of $13.08 per share, for a total transaction of $3,240,439.20. Following the completion of the purchase, the insider directly owned 247,740 shares of the company’s stock, valued at $3,240,439.20. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. UBS Group set a $25.00 target price on shares of Vertex in a report on Thursday, February 12th. BMO Capital Markets cut their price objective on shares of Vertex from $22.00 to $16.00 and set a “market perform” rating on the stock in a research report on Thursday, February 12th. Jefferies Financial Group lowered shares of Vertex from a “buy” rating to a “hold” rating and set a $16.00 target price for the company. in a research note on Wednesday, February 11th. Needham & Company LLC dropped their price target on shares of Vertex from $30.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, February 11th. Finally, Piper Sandler cut their price target on Vertex from $20.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, February 12th. Eight 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 company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $23.07.

Vertex Stock Up 7.5%

The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $2.07 billion, a P/E ratio of 324.86, a P/E/G ratio of 1.47 and a beta of 0.59. The stock has a 50 day moving average price of $18.31 and a 200 day moving average price of $21.78.

Vertex (NASDAQ:VERX) last released its earnings results on Wednesday, February 11th. The company reported $0.17 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.17. Vertex had a return on equity of 25.25% and a net margin of 0.96%.The firm had revenue of $194.71 million for the quarter, compared to analyst estimates of $194.33 million. During the same period in the previous year, the company earned $0.15 earnings per share. Vertex’s revenue was up 9.1% compared to the same quarter last year. Research analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

Vertex announced that its Board of Directors has authorized a share buyback program on Monday, November 3rd that allows the company to buyback $150.00 million in shares. This buyback authorization allows the company to purchase up to 4.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of VERX. Advisors Asset Management Inc. boosted 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. boosted its position in shares of Vertex by 0.4% in 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 during the period. Verdence Capital Advisors LLC increased its stake in Vertex by 5.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 11,538 shares of the company’s stock worth $296,000 after purchasing an additional 600 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Vertex by 6.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 10,310 shares of the company’s stock worth $364,000 after buying an additional 630 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Vertex by 9.9% during the third quarter. Victory Capital Management Inc. now owns 8,354 shares of the company’s stock valued at $207,000 after buying an additional 753 shares in the last quarter. Institutional investors own 70.32% of the company’s stock.

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.