Vertex (NASDAQ:VERX) Hits New 52-Week Low – What’s Next?

Vertex, Inc. (NASDAQ:VERX)’s share price reached a new 52-week low on Monday . The stock traded as low as $11.87 and last traded at $12.08, with a volume of 1494837 shares trading hands. The stock had previously closed at $12.74.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. BMO Capital Markets dropped their price objective on Vertex from $22.00 to $16.00 and set a “market perform” rating on the stock in a research note on Thursday, February 12th. Piper Sandler dropped their price target on Vertex from $20.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, February 12th. Robert W. Baird set a $25.00 price objective on Vertex in a report on Tuesday, November 4th. Citigroup lowered their price objective on shares of Vertex from $22.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, February 12th. Finally, The Goldman Sachs Group dropped their target price on shares of Vertex from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Vertex currently has a consensus rating of “Hold” and a consensus price target of $23.07.

Vertex Stock Down 5.6%

The business’s fifty day moving average price is $18.03 and its two-hundred day moving average price is $21.46. 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 firm has a market capitalization of $1.92 billion, a P/E ratio of 300.83, a PEG ratio of 1.52 and a beta of 0.59.

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

Vertex declared that its Board of Directors has initiated a share repurchase program on Monday, November 3rd that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Vertex

In other Vertex news, insider Jeffrey Westphal bought 150,000 shares of Vertex stock in a transaction that occurred on Tuesday, February 17th. The shares were bought at an average cost of $12.53 per share, with a total value of $1,879,500.00. Following the transaction, the insider directly owned 397,740 shares of the company’s stock, valued at approximately $4,983,682.20. This represents a 60.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric C. Andersen purchased 40,000 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was acquired at an average price of $12.91 per share, with a total value of $516,400.00. Following the completion of the purchase, the director owned 150,341 shares of the company’s stock, valued at $1,940,902.31. The trade was a 36.25% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 437,740 shares of company stock valued at $5,636,339. Company insiders own 43.25% of the company’s stock.

Institutional Investors Weigh In On Vertex

Large investors have recently modified their holdings of the business. Royal Bank of Canada raised its position in shares of Vertex by 36.3% in the 1st quarter. Royal Bank of Canada now owns 180,978 shares of the company’s stock valued at $6,336,000 after purchasing an additional 48,181 shares during the last quarter. Advisors Asset Management Inc. grew its position in 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 purchasing an additional 395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Vertex by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 81,935 shares of the company’s stock valued at $2,869,000 after purchasing an additional 3,461 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Vertex by 8.8% in the second quarter. State of New Jersey Common Pension Fund D now owns 48,232 shares of the company’s stock worth $1,704,000 after buying an additional 3,903 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its holdings in shares of Vertex by 194.6% in the second quarter. Oppenheimer Asset Management Inc. now owns 54,167 shares of the company’s stock worth $1,914,000 after buying an additional 35,779 shares during the last quarter. Hedge funds and other institutional investors own 70.32% of the company’s stock.

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.