Priority Technology (NASDAQ:PRTH) Sees Large Volume Increase – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares saw strong trading volume on Tuesday . 139,655 shares changed hands during mid-day trading, an increase of 71% from the previous session’s volume of 81,510 shares.The stock last traded at $10.09 and had previously closed at $9.22.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PRTH shares. B. Riley increased their price objective on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods upped their target price on shares of Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a research note on Friday, November 22nd. Finally, Lake Street Capital raised their price target on shares of Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd.

Priority Technology Trading Up 17.5 %

The company has a market cap of $836.05 million, a price-to-earnings ratio of -25.79 and a beta of 1.19. The company has a fifty day moving average price of $8.02 and a two-hundred day moving average price of $6.39.

Insiders Place Their Bets

In other Priority Technology news, insider Sean Kiewiet sold 4,483 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $6.00, for a total transaction of $26,898.00. Following the completion of the transaction, the insider now owns 1,065,158 shares in the company, valued at $6,390,948. This trade represents a 0.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 76,766 shares of company stock worth $656,166 over the last 90 days. Corporate insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

A number of hedge funds 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. Pekin Hardy Strauss Inc. bought a new stake in shares of Priority Technology in the 2nd quarter worth about $301,000. Renaissance Technologies LLC acquired a new stake in shares of Priority Technology during the 2nd quarter worth about $202,000. Geode Capital Management LLC lifted its holdings in Priority Technology by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock valued at $2,707,000 after purchasing an additional 21,598 shares during the last quarter. Finally, Barclays PLC boosted its position in Priority Technology by 255.9% in the third quarter. Barclays PLC now owns 26,064 shares of the company’s stock valued at $178,000 after buying an additional 18,741 shares in the last quarter. 11.52% of the stock is owned by institutional investors and hedge funds.

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.