Priority Technology (NASDAQ:PRTH) Price Target Raised to $16.00

Priority Technology (NASDAQ:PRTH) had its price target hoisted by B. Riley from $13.00 to $16.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock. B. Riley also issued estimates for Priority Technology’s Q4 2024 earnings at $0.06 EPS, FY2024 earnings at ($0.09) EPS, FY2025 earnings at $0.73 EPS and FY2026 earnings at $1.16 EPS.

Several other equities analysts have also issued reports on PRTH. Keefe, Bruyette & Woods lifted their target price on shares of Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Friday, November 22nd. Lake Street Capital upped their target price on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 22nd.

Priority Technology Stock Up 0.4 %

NASDAQ:PRTH opened at $10.06 on Monday. The firm’s fifty day simple moving average is $6.82 and its 200 day simple moving average is $5.63. Priority Technology has a twelve month low of $2.79 and a twelve month high of $10.44. The stock has a market cap of $776.33 million, a P/E ratio of -23.95 and a beta of 1.01.

Insider Buying and Selling

In other news, CAO Rajiv Kumar sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.13, for a total transaction of $61,300.00. Following the transaction, the chief accounting officer now directly owns 11,587 shares of the company’s stock, valued at approximately $71,028.31. This trade represents a 46.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean Kiewiet sold 5,700 shares of Priority Technology stock in a transaction on Monday, November 4th. The shares were sold at an average price of $5.11, for a total value of $29,127.00. Following the sale, the insider now directly owns 1,055,158 shares of the company’s stock, valued at approximately $5,391,857.38. This trade represents a 0.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 48,302 shares of company stock worth $286,501. Corporate insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Priority Technology by 25.7% in the 1st quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock valued at $2,494,000 after purchasing an additional 156,044 shares during the last quarter. Rebalance LLC acquired a new stake in shares of Priority Technology during the third quarter worth $4,822,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Priority Technology during the first quarter valued at $164,000. Renaissance Technologies LLC acquired a new position in shares of Priority Technology in the 2nd quarter valued at $202,000. Finally, State Board of Administration of Florida Retirement System purchased a new position in Priority Technology in the 1st quarter worth $91,000. 11.52% of the stock is currently owned by institutional investors.

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.