Priority Technology (NASDAQ:PRTH) Sets New 1-Year High Following Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price reached a new 52-week high on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $9.00 to $10.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Priority Technology traded as high as $9.85 and last traded at $9.49, with a volume of 70188 shares changing hands. The stock had previously closed at $8.02.

Other equities research analysts have also issued research reports about the company. Lake Street Capital raised their price target on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday. B. Riley lifted their target price on Priority Technology from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, September 23rd.

Insider Activity at Priority Technology

In other news, CAO Rajiv Kumar sold 10,000 shares of Priority Technology stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.13, for a total transaction of $61,300.00. Following the completion of the transaction, the chief accounting officer now directly owns 11,587 shares in the company, valued at approximately $71,028.31. The trade was a 46.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean Kiewiet sold 7,201 shares of Priority Technology stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $5.90, for a total value of $42,485.90. Following the transaction, the insider now owns 1,094,652 shares of the company’s stock, valued at $6,458,446.80. This represents a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,302 shares of company stock valued at $286,501. 76.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Priority Technology by 25.7% during the 1st quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock worth $2,494,000 after acquiring an additional 156,044 shares during the period. Rebalance LLC bought a new stake in Priority Technology in the 3rd quarter valued at $4,822,000. Geode Capital Management LLC boosted its stake in Priority Technology by 5.8% in the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock valued at $2,707,000 after purchasing an additional 21,598 shares during the period. Corsair Capital Management L.P. boosted its stake in Priority Technology by 10.5% in the 3rd quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock valued at $720,000 after purchasing an additional 10,000 shares during the period. Finally, Pekin Hardy Strauss Inc. boosted its stake in Priority Technology by 17.0% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock valued at $455,000 after purchasing an additional 9,675 shares during the period. 11.52% of the stock is currently owned by institutional investors.

Priority Technology Stock Performance

The stock has a market capitalization of $732.34 million, a price-to-earnings ratio of -22.60 and a beta of 1.01. The company has a fifty day simple moving average of $6.63 and a two-hundred day simple moving average of $5.52.

Priority Technology Company Profile

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.