Vertex (NASDAQ:VERX) Stock Price Up 7.4% – Here’s What Happened

Vertex, Inc. (NASDAQ:VERX)’s stock price shot up 7.4% during trading on Wednesday . The stock traded as high as $12.27 and last traded at $12.3320. 250,413 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 1,847,467 shares. The stock had previously closed at $11.48.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on VERX shares. Morgan Stanley reissued an “overweight” rating and set a $19.00 price objective on shares of Vertex in a research note on Friday, May 8th. TD Cowen began coverage on Vertex in a report on Monday. They set a “buy” rating and a $14.00 price target on the stock. Wall Street Zen cut shares of Vertex from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. Citigroup upped their price objective on shares of Vertex from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Friday, May 8th. Finally, DA Davidson set a $15.00 price objective on shares of Vertex in a research report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.47.

Vertex Stock Performance

The company has a debt-to-equity ratio of 1.37, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market cap of $2.01 billion, a price-to-earnings ratio of -248.18 and a beta of 0.82. The firm has a 50 day simple moving average of $12.61 and a 200-day simple moving average of $14.70.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of VERX. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Vertex during the first quarter valued at about $37,796,000. Wasatch Advisors LP lifted its holdings in shares of Vertex by 9.2% in the 3rd quarter. Wasatch Advisors LP now owns 2,728,504 shares of the company’s stock worth $67,640,000 after acquiring an additional 229,774 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Vertex by 76.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,161,501 shares of the company’s stock worth $53,584,000 after acquiring an additional 937,905 shares during the last quarter. Champlain Investment Partners LLC boosted its position in shares of Vertex by 19.9% during the 3rd quarter. Champlain Investment Partners LLC now owns 2,049,490 shares of the company’s stock worth $50,807,000 after purchasing an additional 340,680 shares during the period. Finally, State Street Corp boosted its position in shares of Vertex by 8.0% during the 4th quarter. State Street Corp now owns 1,849,171 shares of the company’s stock worth $36,928,000 after purchasing an additional 136,656 shares during the period. 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.