Priority Technology (NASDAQ:PRTH) Upgraded to “Strong-Buy” at TD Cowen

TD Cowen upgraded shares of Priority Technology (NASDAQ:PRTH) to a strong-buy rating in a report released on Tuesday morning,Zacks.com reports.

Several other equities research analysts also recently commented on PRTH. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $12.00 target price (down from $14.00) on shares of Priority Technology in a report on Friday, March 7th. Lake Street Capital lifted their price objective on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. Finally, B. Riley lifted their price objective on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, November 25th.

Priority Technology Price Performance

Priority Technology stock opened at $7.91 on Tuesday. The stock’s 50-day moving average is $9.62 and its 200-day moving average is $8.43. The company has a market cap of $629.00 million, a price-to-earnings ratio of -18.83 and a beta of 0.99. Priority Technology has a 12 month low of $2.82 and a 12 month high of $12.47.

Insider Transactions at Priority Technology

In other news, Director John Vito Priore sold 3,454,575 shares of Priority Technology stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $7.44, for a total value of $25,702,038.00. Following the completion of the transaction, the director now owns 5,314,430 shares in the company, valued at approximately $39,539,359.20. This trade represents a 39.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sean Kiewiet sold 170,596 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $10.60, for a total value of $1,808,317.60. Following the transaction, the insider now owns 711,853 shares of the company’s stock, valued at $7,545,641.80. This represents a 19.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,293,027 shares of company stock worth $39,919,204. 76.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. National Bank of Canada FI acquired a new position in Priority Technology during the 4th quarter valued at approximately $56,000. Deutsche Bank AG bought a new stake in Priority Technology during the 4th quarter valued at $60,000. Virtu Financial LLC bought a new stake in Priority Technology during the 3rd quarter valued at $91,000. SG Americas Securities LLC bought a new stake in Priority Technology during the 4th quarter valued at $100,000. Finally, Wells Fargo & Company MN raised its stake in Priority Technology by 53.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock valued at $101,000 after acquiring an additional 3,006 shares in the last quarter. Institutional investors and hedge funds own 11.52% of the company’s stock.

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.