Vertex (NASDAQ:VERX) Hits New 52-Week Low Following Analyst Downgrade

Vertex, Inc. (NASDAQ:VERX)’s share price hit a new 52-week low during trading on Wednesday after Citigroup lowered their price target on the stock from $22.00 to $15.00. Citigroup currently has a neutral rating on the stock. Vertex traded as low as $12.52 and last traded at $12.9550, with a volume of 1579759 shares trading hands. The stock had previously closed at $14.88.

VERX has been the topic of several other research reports. Citizens Jmp decreased their price target on shares of Vertex from $37.00 to $25.00 and set a “market outperform” rating on the stock in a report on Thursday. The Goldman Sachs Group lowered their price target on Vertex from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday. Morgan Stanley set a $20.00 price objective on Vertex in a report on Thursday. Piper Sandler decreased their price objective on shares of Vertex from $20.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Robert W. Baird set a $25.00 target price on shares of Vertex in a research report on Tuesday, November 4th. Nine investment 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $23.94.

Institutional Investors Weigh In On Vertex

Institutional investors have recently bought and sold shares of the stock. Global Retirement Partners LLC bought a new stake in shares of Vertex in the fourth quarter worth about $32,000. Empowered Funds LLC bought a new position in Vertex in the fourth quarter worth $45,000. Raymond James Financial Inc. bought a new position in shares of Vertex in the 2nd quarter worth about $54,000. Blue Trust Inc. lifted its holdings in shares of Vertex by 44.4% during the second quarter. Blue Trust Inc. now owns 1,664 shares of the company’s stock valued at $59,000 after purchasing an additional 512 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Vertex by 36.9% in the 4th quarter. Advisors Asset Management Inc. now owns 3,320 shares of the company’s stock worth $66,000 after purchasing an additional 895 shares during the last quarter. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

Vertex Trading Up 3.1%

The stock’s fifty day moving average price is $18.88 and its 200 day moving average price is $22.44. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.27. The stock has a market cap of $2.03 billion, a PE ratio of 318.83, a PEG ratio of 1.97 and a beta of 0.59.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. The firm had revenue of $194.71 million during the quarter, compared to analysts’ expectations of $194.33 million. Vertex had a return on equity of 25.25% and a net margin of 0.96%.The company’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.15 earnings per share. On average, sell-side analysts forecast that Vertex, Inc. will post 0.38 EPS for the current year.

Vertex declared that its board has initiated a stock buyback plan on Monday, November 3rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

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.