Priority Technology (NASDAQ:PRTH) Shares Gap Up on Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH) gapped up prior to trading on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $9.00 to $10.00. The stock had previously closed at $8.35, but opened at $8.57. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Priority Technology shares last traded at $8.87, with a volume of 38,860 shares.

Several other equities analysts have also recently weighed in on PRTH. B. Riley raised their price target on Priority Technology from $11.00 to $13.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Lake Street Capital boosted 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.

Insiders Place Their Bets

In other Priority Technology news, CAO Rajiv Kumar sold 10,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.13, for a total value of $61,300.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Kiewiet sold 4,483 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $6.00, for a total value of $26,898.00. Following the transaction, the insider now owns 1,065,158 shares of the company’s stock, valued at $6,390,948. This trade represents a 0.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,302 shares of company stock valued at $286,501 over the last ninety days. 76.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. State Board of Administration of Florida Retirement System bought a new position in Priority Technology in the 1st quarter valued at $91,000. Vanguard Group Inc. lifted its holdings in Priority Technology by 25.7% during the 1st quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock valued at $2,494,000 after buying an additional 156,044 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Priority Technology in the 1st quarter valued at about $164,000. Virtu Financial LLC bought a new position in Priority Technology in the 1st quarter worth about $50,000. Finally, Williams & Novak LLC bought a new position in Priority Technology in the 2nd quarter worth about $77,000. 11.52% of the stock is owned by institutional investors.

Priority Technology Stock Down 4.0 %

The stock has a market cap of $618.87 million, a P/E ratio of -19.10 and a beta of 1.01. The company’s 50 day moving average price is $6.63 and its two-hundred day moving average price is $5.51.

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.