Priority Technology (NASDAQ:PRTH) Trading 7.3% Higher – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price was up 7.3% on Tuesday . The company traded as high as $7.93 and last traded at $7.93. Approximately 32,137 shares were traded during trading, a decline of 37% from the average daily volume of 51,212 shares. The stock had previously closed at $7.39.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRTH. B. Riley raised their price objective on shares of Priority Technology from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $9.00 price objective (up from $5.00) on shares of Priority Technology in a report on Friday.

Priority Technology Trading Up 15.7 %

The stock’s fifty day moving average price is $6.15 and its 200-day moving average price is $5.20. The firm has a market cap of $656.91 million, a price-to-earnings ratio of -19.29 and a beta of 1.01.

Insider Transactions at Priority Technology

In related news, CEO Thomas Charles Priore sold 16,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $5.08, for a total value of $81,280.00. Following the completion of the sale, the chief executive officer now directly owns 34,301,608 shares of the company’s stock, valued at $174,252,168.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Priority Technology news, CEO Thomas Charles Priore sold 16,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $5.08, for a total transaction of $81,280.00. Following the transaction, the chief executive officer now directly owns 34,301,608 shares in the company, valued at approximately $174,252,168.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Rajiv Kumar sold 10,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.13, for a total transaction of $61,300.00. Following the completion of the sale, the chief accounting officer now directly owns 11,587 shares in the company, valued at $71,028.31. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 64,498 shares of company stock valued at $368,761. Insiders own 76.30% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake 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 during the period. Rebalance LLC acquired a new stake in Priority Technology in the third quarter valued at approximately $4,822,000. Pekin Hardy Strauss Inc. bought a new position in shares of Priority Technology in the second quarter valued at approximately $301,000. Charles Schwab Investment Management Inc. raised its position in shares of Priority Technology by 15.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock valued at $386,000 after purchasing an additional 7,719 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Priority Technology in the first quarter valued at approximately $164,000. 11.52% of the stock is owned by institutional investors and hedge funds.

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.