Vertex (NASDAQ:VERX) Hits New 12-Month Low – Here’s What Happened

Vertex, Inc. (NASDAQ:VERX) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $15.69 and last traded at $15.87, with a volume of 5458635 shares changing hands. The stock had previously closed at $18.70.

Analyst Ratings Changes

VERX has been the subject of a number of recent research reports. Needham & Company LLC lowered their target price on Vertex from $40.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, November 4th. Robert W. Baird set a $25.00 price objective on shares of Vertex in a report on Tuesday, November 4th. DA Davidson reduced their target price on shares of Vertex from $29.00 to $23.00 and set a “neutral” rating on the stock in a report on Tuesday, November 4th. BMO Capital Markets decreased their price target on shares of Vertex from $30.00 to $24.00 and set a “market perform” rating for the company in a research report on Tuesday, November 4th. Finally, UBS Group reiterated a “market outperform” rating on shares of Vertex in a report on Tuesday, November 4th. Eleven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $31.60.

Vertex Stock Down 15.1%

The stock’s 50-day moving average price is $19.58 and its 200-day moving average price is $23.27. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.27. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -45.34, a P/E/G ratio of 2.85 and a beta of 0.59.

Vertex (NASDAQ:VERX) last announced its earnings results on Monday, November 3rd. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. Vertex had a negative net margin of 7.32% and a positive return on equity of 26.84%. The business had revenue of $192.11 million during the quarter, compared to the consensus estimate of $191.62 million. During the same quarter last year, the firm earned $0.16 earnings per share. Vertex’s quarterly revenue was up 12.7% on a year-over-year basis. On average, sell-side analysts expect that Vertex, Inc. will post 0.38 earnings per share for the current year.

Vertex announced that its board has authorized a stock repurchase plan on Monday, November 3rd that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Vertex

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC grew its position in Vertex by 21.1% in the 4th quarter. Jennison Associates LLC now owns 991,820 shares of the company’s stock valued at $19,807,000 after purchasing an additional 172,692 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Vertex by 79.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,411 shares of the company’s stock valued at $468,000 after buying an additional 10,348 shares in the last quarter. Chicago Capital LLC acquired a new position in shares of Vertex during the fourth quarter valued at about $320,000. Assetmark Inc. grew its holdings in shares of Vertex by 49.1% during the fourth quarter. Assetmark Inc. now owns 4,180 shares of the company’s stock valued at $83,000 after buying an additional 1,376 shares during the last quarter. Finally, Norris Perne & French LLP MI increased its position in shares of Vertex by 26.1% during the fourth quarter. Norris Perne & French LLP MI now owns 259,854 shares of the company’s stock worth $5,189,000 after acquiring an additional 53,718 shares in the last quarter. 70.32% of the stock is owned by institutional investors.

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.