Priority Technology (NASDAQ:PRTH) Shares Up 7.8% After Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH) was up 7.8% on Tuesday after B. Riley raised their price target on the stock from $13.00 to $16.00. B. Riley currently has a buy rating on the stock. Priority Technology traded as high as $9.43 and last traded at $9.42. Approximately 49,044 shares traded hands during trading, a decline of 20% from the average daily volume of 61,321 shares. The stock had previously closed at $8.74.

Several other research analysts also recently issued reports on the company. Lake Street Capital upped their price objective on Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Friday, November 22nd.

Insider Buying and Selling

In related news, insider Sean Kiewiet sold 5,700 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $5.11, for a total value of $29,127.00. Following the sale, the insider now owns 1,055,158 shares in the company, valued at $5,391,857.38. This represents a 0.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Rajiv Kumar sold 10,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.13, for a total value of $61,300.00. Following the completion of the sale, the chief accounting officer now directly owns 11,587 shares of the company’s stock, valued at approximately $71,028.31. This trade represents a 46.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,302 shares of company stock valued at $286,501 over the last ninety days. 76.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Priority Technology

A number of hedge funds have recently made changes to their positions in the business. Rebalance LLC purchased a new stake in Priority Technology in the third quarter worth $4,822,000. Vanguard Group Inc. increased its holdings in Priority Technology by 25.7% in 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 last quarter. Pekin Hardy Strauss Inc. bought a new stake in Priority Technology in the 2nd quarter valued at about $301,000. Jacobs Levy Equity Management Inc. purchased a new stake in Priority Technology during the first quarter valued at about $164,000. Finally, Renaissance Technologies LLC bought a new position in Priority Technology during the second quarter worth about $202,000. 11.52% of the stock is currently owned by institutional investors.

Priority Technology Price Performance

The stock has a market cap of $773.24 million, a PE ratio of -23.86 and a beta of 1.01. The firm’s 50 day moving average price is $6.75 and its two-hundred day moving average price is $5.60.

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.