Vertex (NASDAQ:VERX) Shares Up 8.9% on Insider Buying Activity

Vertex, Inc. (NASDAQ:VERX) shares traded up 8.9% on Tuesday after an insider bought additional shares in the company. The stock traded as high as $13.00 and last traded at $13.1030. 283,932 shares were traded during mid-day trading, a decline of 89% from the average session volume of 2,475,246 shares. The stock had previously closed at $12.03.

Specifically, Director Eric C. Andersen acquired 40,000 shares of the firm’s stock in a transaction on Friday, February 20th. The stock was bought at an average price of $12.91 per share, for a total transaction of $516,400.00. Following the completion of the purchase, the director directly owned 150,341 shares of the company’s stock, valued at approximately $1,940,902.31. The trade was a 36.25% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey Westphal acquired 150,000 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were purchased at an average cost of $12.53 per share, for a total transaction of $1,879,500.00. Following the acquisition, the insider owned 397,740 shares of the company’s stock, valued at approximately $4,983,682.20. The trade was a 60.55% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In other news, insider Jeffrey Westphal bought 247,740 shares of the firm’s stock in a transaction that occurred on Friday, February 13th. The stock was purchased at an average cost of $13.08 per share, with a total value of $3,240,439.20. Following the transaction, the insider directly owned 247,740 shares in the company, valued at $3,240,439.20. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on VERX shares. BMO Capital Markets reduced their price objective on Vertex from $22.00 to $16.00 and set a “market perform” rating for the company in a research note on Thursday, February 12th. Morgan Stanley set a $20.00 price target on shares of Vertex in a research note on Thursday, February 12th. Needham & Company LLC lowered their price objective on shares of Vertex from $30.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, February 11th. Weiss Ratings restated a “sell (d)” rating on shares of Vertex in a research note on Wednesday, January 21st. Finally, Piper Sandler decreased their target price on shares of Vertex from $20.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Vertex presently has a consensus rating of “Hold” and an average target price of $23.07.

Vertex Price Performance

The company has a market cap of $2.10 billion, a price-to-earnings ratio of 328.33, a PEG ratio of 1.52 and a beta of 0.59. The company’s 50 day moving average price is $17.88 and its 200 day moving average price is $21.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.27.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.17 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.17. The business had revenue of $194.71 million for the quarter, compared to analyst estimates of $194.33 million. Vertex had a net margin of 0.96% and a return on equity of 25.25%. The business’s revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.15 earnings per share. Equities research analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current 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 shares. This buyback authorization allows the company to repurchase up to 4.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Vertex

A number of institutional investors have recently modified their holdings of VERX. Principal Financial Group Inc. raised its position in Vertex by 44.6% in the third quarter. Principal Financial Group Inc. now owns 892,949 shares of the company’s stock worth $22,136,000 after acquiring an additional 275,520 shares in the last quarter. Gagnon Securities LLC grew its stake in shares of Vertex by 40.3% during the 3rd quarter. Gagnon Securities LLC now owns 378,685 shares of the company’s stock worth $9,388,000 after purchasing an additional 108,839 shares during the period. Herald Investment Management Ltd increased its holdings in shares of Vertex by 81.8% in the 3rd quarter. Herald Investment Management Ltd now owns 200,000 shares of the company’s stock valued at $4,958,000 after purchasing an additional 90,000 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Vertex by 231.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,567,902 shares of the company’s stock valued at $88,448,000 after purchasing an additional 2,490,097 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Vertex by 14.7% in the second quarter. Bank of New York Mellon Corp now owns 201,797 shares of the company’s stock valued at $7,130,000 after purchasing an additional 25,812 shares during the period. 70.32% of the stock is currently owned by hedge funds and other institutional investors.

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.