Granahan Investment Management LLC Purchases 234,881 Shares of Vertex, Inc. $VERX

Key Points

• Granahan Investment Management boosted its stake in Vertex by 431.5% in Q3, buying an additional 234,881 shares to hold 289,309 shares worth about $7.17 million (0.18% of the company).
• Insiders have been buying heavily — Director Eric C. Andersen purchased 40,000 shares and Jeffrey Westphal bought 150,000 shares, with insiders acquiring 437,740 shares (~$5.64M) over the last three months and now owning 43.25% of the stock.
• VERX is trading below recent moving averages with a market cap of $2.13 billion and a very high P/E (~332.6); analysts’ consensus is Hold with a $23.07 price target.

Granahan Investment Management LLC increased its position in Vertex, Inc. (NASDAQ:VERX - Free Report) by 431.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 289,309 shares of the company's stock after buying an additional 234,881 shares during the period. Granahan Investment Management LLC owned 0.18% of Vertex worth $7,172,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its holdings in Vertex by 25.7% during the 1st quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company's stock valued at $68,000 after buying an additional 395 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Vertex by 0.4% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 137,913 shares of the company's stock valued at $3,456,000 after acquiring an additional 564 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Vertex by 5.5% in the third quarter. Verdence Capital Advisors LLC now owns 11,538 shares of the company's stock valued at $296,000 after purchasing an additional 600 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Vertex by 9.9% in the third quarter. Victory Capital Management Inc. now owns 8,354 shares of the company's stock valued at $207,000 after purchasing an additional 753 shares in the last quarter. Finally, Ameritas Investment Partners Inc. increased its position in Vertex by 17.0% in the second quarter. Ameritas Investment Partners Inc. now owns 6,643 shares of the company's stock worth $235,000 after purchasing an additional 965 shares during the last quarter. 70.32% of the stock is owned by institutional investors.

Insider Transactions at Vertex

In other Vertex news, Director Eric C. Andersen bought 40,000 shares of the business's stock in a transaction dated Friday, February 20th. The shares were purchased 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 in the company, valued at $1,940,902.31. This represents a 36.25% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jeffrey Westphal bought 150,000 shares of the business's stock in a transaction dated Tuesday, February 17th. The shares were acquired at an average cost of $12.53 per share, for a total transaction of $1,879,500.00. Following the purchase, 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. Insiders purchased a total of 437,740 shares of company stock worth $5,636,339 over the last three months. 43.25% of the stock is currently owned by corporate insiders.

Vertex Trading Down 3.2%

VERX stock opened at $13.30 on Monday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.30. Vertex, Inc. has a twelve month low of $11.86 and a twelve month high of $42.44. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of 332.58, a price-to-earnings-growth ratio of 1.58 and a beta of 0.64. The firm's fifty day simple moving average is $16.29 and its two-hundred day simple moving average is $20.25.

Vertex (NASDAQ:VERX - Get Free Report) last released its earnings results on Wednesday, February 11th. The company reported $0.17 earnings per share (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 24.70%. The firm had revenue of $194.71 million during the quarter, compared to analyst estimates of $194.33 million. During the same quarter last year, the business earned $0.15 EPS. The business's revenue was up 9.1% on a year-over-year basis. As a group, analysts anticipate that Vertex, Inc. will post 0.38 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on VERX shares. UBS Group set a $25.00 price objective on shares of Vertex in a research report on Thursday, February 12th. BMO Capital Markets reduced their target price on shares of Vertex from $22.00 to $16.00 and set a "market perform" rating on the stock in a report on Thursday, February 12th. DA Davidson set a $13.00 target price on shares of Vertex in a research report on Thursday, February 12th. Jefferies Financial Group downgraded shares of Vertex from a "buy" rating to a "hold" rating and set a $16.00 price target for the company. in a report on Wednesday, February 11th. Finally, Morgan Stanley set a $20.00 price target on Vertex in a research report on Thursday, February 12th. 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $23.07.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.