Vertex (NASDAQ:VERX) Shares Gap Up Following Analyst Upgrade

Vertex, Inc. (NASDAQ:VERX) gapped up before the market opened on Thursday after Piper Sandler raised their price target on the stock from $14.00 to $16.00. The stock had previously closed at $12.66, but opened at $13.95. Piper Sandler currently has a neutral rating on the stock. Vertex shares last traded at $14.1050, with a volume of 171,914 shares trading hands.

VERX has been the subject of several other reports. Citigroup decreased their price objective on shares of Vertex from $22.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. UBS Group set a $25.00 price target on Vertex in a research note on Thursday, February 12th. DA Davidson set a $13.00 price objective on shares of Vertex in a research note on Thursday, February 12th. Morgan Stanley set a $18.00 target price on Vertex in a research note on Thursday, April 30th. Finally, BMO Capital Markets lowered their price target on shares of Vertex from $22.00 to $16.00 and set a “market perform” rating for the company in a report on Thursday, February 12th. Five research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Vertex has a consensus rating of “Hold” and an average price target of $20.86.

Insider Activity

In other news, Director Eric C. Andersen purchased 40,000 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was bought at an average price of $12.91 per share, with a total value of $516,400.00. Following the acquisition, the director directly owned 150,341 shares of the company’s stock, valued at approximately $1,940,902.31. This represents a 36.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeffrey Westphal acquired 247,740 shares of the stock in a transaction that occurred on Friday, February 13th. The stock was purchased at an average price of $13.08 per share, with a total value of $3,240,439.20. Following the transaction, the insider owned 247,740 shares in the company, valued at $3,240,439.20. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 437,740 shares of company stock valued at $5,636,339 over the last 90 days. Corporate insiders own 43.25% of the company’s stock.

Institutional Trading of Vertex

Several hedge funds have recently bought and sold shares of VERX. Raymond James Financial Inc. acquired a new position in shares of Vertex in the second quarter valued at approximately $54,000. Global Retirement Partners LLC acquired a new position in Vertex in the 4th quarter worth $32,000. Advisors Asset Management Inc. boosted its stake in Vertex by 25.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock worth $68,000 after purchasing an additional 395 shares during the period. Empowered Funds LLC bought a new position in Vertex during the 4th quarter worth about $45,000. Finally, Assetmark Inc. increased its holdings in Vertex by 49.1% during the 4th quarter. Assetmark Inc. now owns 4,180 shares of the company’s stock worth $83,000 after purchasing an additional 1,376 shares in the last quarter. 70.32% of the stock is currently owned by institutional investors and hedge funds.

Vertex Price Performance

The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 365.64 and a beta of 0.81. The company has a 50 day simple moving average of $12.83 and a 200-day simple moving average of $17.04. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.30.

Vertex (NASDAQ:VERX) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. Vertex had a return on equity of 24.70% and a net margin of 0.96%.The company had revenue of $194.71 million during the quarter, compared to analysts’ expectations of $194.33 million. During the same period in the prior year, the firm earned $0.15 earnings per share. Vertex’s revenue for the quarter was up 9.1% compared to the same quarter last year. Research analysts expect that Vertex, Inc. will post 0.47 EPS for the current year.

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.