Priority Technology (NASDAQ:PRTH) Reaches New 12-Month High at $6.90

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price hit a new 52-week high on Wednesday . The company traded as high as $6.90 and last traded at $6.87, with a volume of 74812 shares traded. The stock had previously closed at $6.73.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upped their price objective on Priority Technology from $4.50 to $5.00 and gave the company a “market perform” rating in a research note on Friday, August 9th.

Priority Technology Stock Performance

The firm has a 50 day simple moving average of $5.46 and a 200 day simple moving average of $4.36. The firm has a market cap of $530.13 million, a P/E ratio of -11.60 and a beta of 0.97.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.12) earnings per share (EPS) for the quarter. The business had revenue of $219.87 million for the quarter. Priority Technology had a net margin of 0.74% and a negative return on equity of 9.60%.

Insider Buying and Selling at Priority Technology

In related news, insider Sean Kiewiet sold 28,501 shares of Priority Technology stock in a transaction on Friday, June 28th. The stock was sold at an average price of $5.18, for a total transaction of $147,635.18. Following the transaction, the insider now directly owns 1,196,320 shares in the company, valued at $6,196,937.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Priority Technology news, CEO Thomas Charles Priore sold 16,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $5.08, for a total transaction of $81,280.00. Following the completion of the sale, the chief executive officer now owns 34,301,608 shares in the company, valued at $174,252,168.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Sean Kiewiet sold 28,501 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $5.18, for a total value of $147,635.18. Following the sale, the insider now owns 1,196,320 shares in the company, valued at approximately $6,196,937.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,395 shares of company stock worth $529,410. Insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Several institutional investors have recently made changes to their positions in the company. Virtu Financial LLC purchased a new stake in shares of Priority Technology in the 1st quarter valued at approximately $50,000. Williams & Novak LLC purchased a new position in shares of Priority Technology during the second quarter worth about $77,000. State Board of Administration of Florida Retirement System purchased a new stake in shares of Priority Technology in the first quarter valued at about $91,000. Panagora Asset Management Inc. lifted its stake in shares of Priority Technology by 22.5% in the fourth quarter. Panagora Asset Management Inc. now owns 42,602 shares of the company’s stock valued at $152,000 after purchasing an additional 7,812 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Priority Technology in the 1st quarter valued at about $164,000. 11.52% of the stock is owned by hedge funds and other institutional investors.

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.