Priority Technology (NASDAQ:PRTH) Shares Gap Up Following Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH) gapped up prior to trading on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $9.00 to $10.00. The stock had previously closed at $8.35, but opened at $8.57. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Priority Technology shares last traded at $8.87, with a volume of 38,860 shares changing hands.

PRTH has been the subject of several other reports. B. Riley boosted their target price on Priority Technology from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Lake Street Capital boosted their target price on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday.

Insider Transactions at Priority Technology

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PRTH. Rebalance LLC bought a new stake in Priority Technology in the third quarter valued at $4,822,000. Vanguard Group Inc. grew its position in Priority Technology by 25.7% in the first quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock valued at $2,494,000 after acquiring an additional 156,044 shares during the period. Pekin Hardy Strauss Inc. bought a new stake in Priority Technology in the second quarter valued at $301,000. Jacobs Levy Equity Management Inc. bought a new stake in Priority Technology in the first quarter valued at $164,000. Finally, Renaissance Technologies LLC bought a new stake in Priority Technology in the second quarter valued at $202,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

Priority Technology Stock Down 4.0 %

The business has a 50-day simple moving average of $6.63 and a two-hundred day simple moving average of $5.49. The stock has a market capitalization of $618.90 million, a P/E ratio of -19.10 and a beta of 1.01.

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.