Priority Technology (NASDAQ:PRTH) Stock Price Up 7.8% Following Analyst Upgrade

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) were up 7.8% on Tuesday 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 $9.43 and last traded at $9.42. Approximately 49,044 shares were traded during trading, a decline of 20% from the average daily volume of 61,321 shares. The stock had previously closed at $8.74.

Several other equities analysts have also recently commented on PRTH. Keefe, Bruyette & Woods boosted their price objective 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. Lake Street Capital raised their price target on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd.

Insider Buying and Selling at Priority Technology

In related news, CAO Rajiv Kumar sold 10,000 shares of the company’s stock in a transaction on 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 transaction, the chief accounting officer now directly owns 11,587 shares in the company, valued at approximately $71,028.31. The trade was a 46.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Kiewiet sold 4,954 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $5.41, for a total value of $26,801.14. Following the sale, the insider now owns 1,085,158 shares in the company, valued at $5,870,704.78. The trade was a 0.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,302 shares of company stock valued at $286,501 in 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 and other institutional investors have recently modified their holdings of PRTH. State Board of Administration of Florida Retirement System bought a new stake in Priority Technology in the 1st quarter worth approximately $91,000. Vanguard Group Inc. raised its stake in shares of Priority Technology by 25.7% during the first quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock worth $2,494,000 after acquiring an additional 156,044 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Priority Technology in the 1st quarter valued at $164,000. Virtu Financial LLC bought a new position in shares of Priority Technology during the 1st quarter valued at $50,000. Finally, Williams & Novak LLC bought a new position in shares of Priority Technology during the 2nd quarter valued at $77,000. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

Priority Technology Price Performance

The firm’s 50 day simple moving average is $6.75 and its two-hundred day simple moving average is $5.60. The firm has a market capitalization of $773.24 million, a P/E ratio of -23.86 and a beta of 1.01.

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.