Vertex (NASDAQ:VERX) Stock Price Down 5.8% – Here’s What Happened

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on VERX shares. DA Davidson set a $15.00 target price on Vertex in a research note on Friday, May 8th. Wall Street Zen upgraded shares of Vertex from a “hold” rating to a “buy” rating in a research note on Saturday, July 4th. The Goldman Sachs Group reissued a “buy” rating and set a $21.00 price objective on shares of Vertex in a report on Thursday, May 7th. Morgan Stanley restated an “equal weight” rating and set a $15.00 price objective (down from $19.00) on shares of Vertex in a research report on Tuesday. Finally, Jefferies Financial Group set a $14.00 target price on shares of Vertex in a report on Saturday, May 9th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.20.

Vertex Trading Down 1.4%

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 stock has a market capitalization of $1.76 billion, a PE ratio of -217.80 and a beta of 0.83. The business’s 50-day moving average is $12.48 and its two-hundred day moving average is $13.81.

Vertex (NASDAQ:VERX) last issued its earnings results on Thursday, May 7th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. Vertex had a positive return on equity of 26.04% and a negative net margin of 0.84%.The business had revenue of $196.65 million during the quarter, compared to the consensus estimate of $194.82 million. During the same period in the prior year, the business posted $0.15 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts anticipate that Vertex, Inc. will post 0.52 earnings per share for the current year.

Institutional Trading of Vertex

Several large investors have recently modified their holdings of VERX. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Vertex during the 1st quarter worth approximately $37,796,000. Wasatch Advisors LP acquired a new stake in Vertex during the 2nd quarter valued at $88,293,000. Legacy Advisors LLC grew its holdings in Vertex by 2,730.1% during the 3rd quarter. Legacy Advisors LLC now owns 1,343,779 shares of the company’s stock valued at $33,312,000 after buying an additional 1,296,297 shares during the last quarter. Park West Asset Management LLC purchased a new position in Vertex during the third quarter worth $30,988,000. Finally, Wellington Management Group LLP increased its position in Vertex by 76.7% during the third quarter. Wellington Management Group LLP now owns 2,161,501 shares of the company’s stock worth $53,584,000 after buying an additional 937,905 shares in the last quarter. 70.32% of the stock is currently owned by institutional investors and hedge funds.

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.