Shares of Vertex, Inc. (VERX) plummeted by 5.32% in pre-market trading on Friday, extending its recent losses as investors reacted to the company's disappointing full-year 2024 earnings report.
Vertex reported a net loss of $52.7 million for the fiscal year 2024, a significant deterioration from the previous year's loss of $52.7 million. The company's earnings per share of $0.34 also missed analyst expectations, despite revenue growing 17% year-over-year to $666.8 million, in line with estimates.
Analysts at Morgan Stanley lowered their price target on Vertex from $62 to $57, citing concerns over the company's profitability and risk factors. The firm maintained an "Overweight" rating on the stock, noting that Vertex still has an average rating of "Overweight" among analysts polled by FactSet, with a mean price target of $49.55.
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