Vertex, Inc. (NASDAQ:VERX) Sees Large Increase in Short Interest

by · The Cerbat Gem

Vertex, Inc. (NASDAQ:VERX – Get Free Report) saw a significant growth in short interest in December. As of December 31st, there was short interest totaling 7,266,393 shares, a growth of 20.6% from the December 15th total of 6,023,811 shares. Based on an average trading volume of 1,022,407 shares, the days-to-cover ratio is presently 7.1 days. Approximately 8.0% of the company’s shares are short sold. Approximately 8.0% of the company’s shares are short sold. Based on an average trading volume of 1,022,407 shares, the days-to-cover ratio is presently 7.1 days.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp increased its holdings in Vertex by 31.0% during the second quarter. Fifth Third Bancorp now owns 1,467 shares of the company’s stock worth $52,000 after buying an additional 347 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Vertex in the 2nd quarter valued at about $54,000. Blue Trust Inc. increased its stake in shares of Vertex by 44.4% during the 2nd quarter. Blue Trust Inc. now owns 1,664 shares of the company’s stock worth $59,000 after purchasing an additional 512 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of 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 period. Finally, Johnson Financial Group Inc. bought a new position in Vertex during the third quarter worth about $130,000. 70.32% of the stock is currently owned by institutional investors.

Vertex Price Performance

NASDAQ VERX opened at $19.30 on Monday. The firm’s 50 day moving average is $19.80 and its 200-day moving average is $24.68. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $3.08 billion, a PE ratio of -55.14, a price-to-earnings-growth ratio of 2.94 and a beta of 0.60. Vertex has a 12-month low of $18.54 and a 12-month high of $60.71.

Vertex (NASDAQ:VERX – Get Free Report) last released its earnings results on Monday, November 3rd. The company reported $0.17 earnings per share for the quarter, beating 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. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. Equities research analysts anticipate that Vertex will post 0.38 earnings per share for the current fiscal year.

Vertex announced that its board has initiated a share repurchase plan on Monday, November 3rd that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 4.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

VERX has been the subject of several research analyst reports. UBS Group reiterated a “market outperform” rating on shares of Vertex in a research report on Tuesday, November 4th. Piper Sandler cut their price target on shares of Vertex from $42.00 to $32.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 4th. JMP Securities set a $37.00 price objective on shares of Vertex in a research report on Tuesday, November 4th. Stifel Nicolaus dropped their price objective on shares of Vertex from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, November 4th. Finally, Robert W. Baird set a $25.00 target price on shares of Vertex in a research note on Tuesday, November 4th. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.40.

Read Our Latest Research Report on VERX

About Vertex

(Get Free Report)

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.

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