Priority Technology (NASDAQ:PRTH) Stock Price Down 6.9% – Here’s What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price traded down 6.9% on Friday . The stock traded as low as $10.94 and last traded at $11.01. 197,140 shares traded hands during trading, a decline of 72% from the average session volume of 713,290 shares. The stock had previously closed at $11.82.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Priority Technology from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $10.00 to $14.00 in a research report on Thursday, January 16th. Lake Street Capital raised their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, B. Riley raised their price objective on shares of Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, November 25th.

Priority Technology Stock Down 10.0 %

The company has a market capitalization of $821.46 million, a PE ratio of -25.36 and a beta of 1.17. The business’s 50 day simple moving average is $10.31 and its 200 day simple moving average is $7.93.

Insider Buying and Selling at Priority Technology

In other news, Director John Vito Priore sold 3,454,575 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $7.44, for a total value of $25,702,038.00. Following the completion of the sale, the director now directly owns 5,314,430 shares of the company’s stock, valued at $39,539,359.20. This represents a 39.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Kiewiet sold 170,596 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $10.60, for a total transaction of $1,808,317.60. Following the completion of the sale, the insider now directly owns 711,853 shares of the company’s stock, valued at $7,545,641.80. This trade represents a 19.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,343,646 shares of company stock valued at $40,419,456. 76.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRTH. Steamboat Capital Partners LLC acquired a new position in Priority Technology during the fourth quarter valued at approximately $9,382,000. Invesco Ltd. acquired a new position in Priority Technology during the fourth quarter valued at approximately $4,883,000. Divisadero Street Capital Management LP acquired a new position in Priority Technology during the fourth quarter valued at approximately $4,524,000. Arrowstreet Capital Limited Partnership acquired a new position in Priority Technology during the fourth quarter valued at approximately $2,471,000. Finally, Renaissance Technologies LLC grew its holdings in Priority Technology by 405.6% during the fourth quarter. Renaissance Technologies LLC now owns 242,200 shares of the company’s stock valued at $2,846,000 after purchasing an additional 194,300 shares during the last quarter. Institutional investors own 11.52% of the company’s stock.

About Priority Technology

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.