Priority Technology (NASDAQ:PRTH) Shares Gap Up to $6.02

Priority Technology Holdings, Inc. (NASDAQ:PRTH) gapped up before the market opened on Tuesday . The stock had previously closed at $6.02, but opened at $6.20. Priority Technology shares last traded at $6.51, with a volume of 65,748 shares trading hands.

Wall Street Analysts Forecast Growth

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

Priority Technology Trading Up 4.9 %

The stock has a market cap of $533.23 million, a price-to-earnings ratio of -11.48 and a beta of 0.97. The stock has a 50-day moving average price of $5.52 and a two-hundred day moving average price of $4.39.

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

Insiders Place Their Bets

In other Priority Technology news, insider Sean Kiewiet sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $5.02, for a total transaction of $50,200.00. Following the sale, the insider now directly owns 1,101,853 shares in the company, valued at approximately $5,531,302.06. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Sean Kiewiet sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $5.02, for a total transaction of $50,200.00. Following the completion of the sale, the insider now owns 1,101,853 shares in the company, valued at approximately $5,531,302.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Charles Priore sold 16,000 shares of Priority Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $5.08, for a total value of $81,280.00. Following the sale, the chief executive officer now owns 34,301,608 shares in the company, valued at approximately $174,252,168.64. The disclosure for this sale can be found here. Insiders sold a total of 100,395 shares of company stock valued at $529,410 over the last 90 days. 76.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Priority Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted 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 buying an additional 156,044 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Priority Technology in the 1st quarter worth approximately $164,000. Panagora Asset Management Inc. increased its position in Priority Technology by 22.5% in the 4th quarter. Panagora Asset Management Inc. now owns 42,602 shares of the company’s stock valued at $152,000 after acquiring an additional 7,812 shares during the period. State Board of Administration of Florida Retirement System bought a new stake in Priority Technology during the 1st quarter valued at $91,000. Finally, Virtu Financial LLC bought a new position in shares of Priority Technology in the first quarter worth $50,000. 11.52% of the stock is currently 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.