Priority Technology (NASDAQ:PRTH) Hits New 12-Month High on Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price reached a new 52-week high during trading on Monday 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 $9.85 and last traded at $9.49, with a volume of 70188 shares. The stock had previously closed at $8.02.

Other research analysts have also issued reports about the stock. Lake Street Capital boosted their target price on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday. Keefe, Bruyette & Woods lifted their price target on Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Friday.

Insiders Place Their Bets

In other Priority Technology news, insider Sean Kiewiet sold 7,201 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $5.90, for a total transaction of $42,485.90. Following the sale, the insider now directly owns 1,094,652 shares in the company, valued at approximately $6,458,446.80. The trade was a 0.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Rajiv Kumar sold 10,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.13, for a total transaction 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. This trade represents a 46.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,302 shares of company stock worth $286,501. 76.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Priority Technology

Several hedge funds have recently modified their holdings of the company. Virtu Financial LLC bought a new position in Priority Technology during the first quarter valued at about $50,000. Williams & Novak LLC bought a new position in shares of Priority Technology during the 2nd quarter valued at about $77,000. State Board of Administration of Florida Retirement System acquired a new position in shares of Priority Technology in the 1st quarter worth approximately $91,000. BNP Paribas Financial Markets raised its holdings in shares of Priority Technology by 61.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock worth $109,000 after purchasing an additional 6,096 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Priority Technology in the 3rd quarter worth approximately $112,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

Priority Technology Stock Up 9.0 %

The firm has a market capitalization of $674.47 million, a price-to-earnings ratio of -20.81 and a beta of 1.01. The firm’s 50 day moving average is $6.68 and its 200 day moving average is $5.56.

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.