Vertex (NASDAQ:VERX) Shares Up 7.1% - Here's Why

Key Points

• Vertex shares jumped 7.1% on Friday, trading as high as $11.65 after closing at $10.89 the previous day. Volume was slightly below average at about 1.58 million shares.
• Recent analyst activity was mixed but slightly more positive: TD Cowen started coverage with a buy rating and $14 price target, while Wall Street Zen upgraded the stock to buy. Overall, analysts still rate Vertex as a consensus Hold with an average target price of $20.20.
• Vertex recently reported better-than-expected earnings, posting $0.17 EPS versus $0.16 expected and revenue of $196.65 million, up 11.1% year over year. Institutional ownership remains high, with about 70.3% of shares held by institutions.

Vertex, Inc. (NASDAQ:VERX - Get Free Report)'s share price traded up 7.1% on Friday . The stock traded as high as $11.65 and last traded at $11.6610. Approximately 1,575,726 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 1,846,413 shares. The stock had previously closed at $10.89.

Wall Street Analyst Weigh In

A number of research analysts have commented on VERX shares. Weiss Ratings downgraded Vertex from a "sell (d)" rating to a "sell (e+)" rating in a report on Monday, May 11th. Piper Sandler boosted their price target on Vertex from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Citigroup upped their price target on Vertex from $15.00 to $16.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Wall Street Zen upgraded Vertex from a "hold" rating to a "buy" rating in a research note on Saturday, July 4th. Finally, TD Cowen began coverage on shares of Vertex in a report on Monday, June 29th. They issued a "buy" rating and a $14.00 price objective for the company. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $20.20.

Vertex Stock Up 7.3%

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 stock's fifty day simple moving average is $12.48 and its 200-day simple moving average is $13.81. The stock has a market cap of $1.89 billion, a P/E ratio of -233.80 and a beta of 0.83.

Vertex (NASDAQ:VERX - Get Free Report) last posted its 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 company had revenue of $196.65 million during 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 business's revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 earnings per share. On average, research analysts anticipate that Vertex, Inc. will post 0.52 earnings per share for the current year.

Institutional Investors Weigh In On Vertex

A number of hedge funds have recently added to or reduced their stakes in VERX. Royal Bank of Canada boosted its holdings in shares of Vertex by 36.3% during the first quarter. Royal Bank of Canada now owns 180,978 shares of the company's stock valued at $6,336,000 after acquiring an additional 48,181 shares during the period. Advisors Asset Management Inc. lifted its position in Vertex by 25.7% in the 1st quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company's stock valued at $68,000 after purchasing an additional 395 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 during the period. Prudential Financial Inc. boosted its stake in Vertex by 92.1% during the 2nd quarter. Prudential Financial Inc. now owns 8,105 shares of the company's stock valued at $286,000 after purchasing an additional 3,885 shares during the period. Finally, Russell Investments Group Ltd. grew its position in Vertex by 10,910.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 13,543 shares of the company's stock worth $479,000 after purchasing an additional 13,420 shares during the last quarter. 70.32% of the stock is currently 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.

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.