Priority Technology (NASDAQ:PRTH) Sets New 12-Month High Following Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price reached a new 52-week high during mid-day 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 changing hands. The stock had previously closed at $8.02.

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

Insiders Place Their Bets

In other Priority Technology news, insider Sean Kiewiet sold 11,664 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $6.61, for a total transaction of $77,099.04. Following the completion of the transaction, the insider now owns 1,073,494 shares of the company’s stock, valued at $7,095,795.34. This represents a 1.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Rajiv Kumar sold 10,000 shares of the firm’s stock in a transaction 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 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,302 shares of company stock worth $286,501. Corporate insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in Priority Technology in the first quarter valued at approximately $50,000. Williams & Novak LLC bought a new stake in shares of Priority Technology in the second 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 first quarter valued at about $91,000. BNP Paribas Financial Markets increased its position in Priority Technology by 61.7% during the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock worth $109,000 after acquiring an additional 6,096 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Priority Technology in the 3rd quarter valued at about $112,000. 11.52% of the stock is owned by institutional investors.

Priority Technology Stock Up 14.6 %

The firm has a market capitalization of $773.24 million, a P/E ratio of -23.86 and a beta of 1.01. The firm has a 50 day moving average of $6.75 and a 200-day moving average of $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.