Priority Technology (NASDAQ:PRTH) Trading Down 10.3% – Time to Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares fell 10.3% during mid-day trading on Monday . The company traded as low as $9.71 and last traded at $9.62. 257,077 shares traded hands during trading, a decline of 63% from the average session volume of 685,928 shares. The stock had previously closed at $10.73.

Analyst Upgrades and Downgrades

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

Priority Technology Stock Down 14.8 %

The firm has a 50 day moving average price of $10.50 and a 200 day moving average price of $8.21. The stock has a market cap of $705.59 million, a PE ratio of -21.76 and a beta of 1.17.

Insider Transactions at Priority Technology

In other Priority Technology news, Director John Vito Priore sold 3,454,575 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $7.44, for a total transaction of $25,702,038.00. Following the sale, the director now owns 5,314,430 shares of the company’s stock, 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 this hyperlink. Also, COO Ranjana Ram sold 6,615 shares of Priority Technology stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total value of $49,215.60. Following the completion of the transaction, the chief operating officer now owns 686,389 shares in the company, valued at $5,106,734.16. This represents a 0.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,293,715 shares of company stock valued at $39,926,089. Company insiders own 76.30% of the company’s stock.

Institutional Trading of Priority Technology

Several hedge funds have recently modified their holdings of the company. Barclays PLC raised its stake in shares of Priority Technology by 255.9% during the 3rd quarter. Barclays PLC now owns 26,064 shares of the company’s stock worth $178,000 after acquiring an additional 18,741 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Priority Technology by 6.1% during the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock valued at $153,000 after purchasing an additional 1,293 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Priority Technology by 5.8% in the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock worth $2,707,000 after purchasing an additional 21,598 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Priority Technology by 15.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after buying an additional 7,719 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Priority Technology by 273.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 33,900 shares of the company’s stock valued at $232,000 after buying an additional 24,811 shares in the last quarter. 11.52% of the stock is owned by hedge funds and other institutional investors.

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.