Lake Street Capital Forecasts Strong Price Appreciation for Priority Technology (NASDAQ:PRTH) Stock

Priority Technology (NASDAQ:PRTH) had its target price raised by investment analysts at Lake Street Capital from $8.00 to $13.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price target indicates a potential upside of 55.69% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. B. Riley lifted their target price 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 issued a $9.00 price objective (up from $5.00) on shares of Priority Technology in a research report on Friday, November 8th.

Priority Technology Stock Performance

Priority Technology stock opened at $8.35 on Friday. The firm has a market cap of $644.37 million, a price-to-earnings ratio of -19.88 and a beta of 1.01. Priority Technology has a 52-week low of $2.79 and a 52-week high of $9.25. The firm has a 50 day moving average price of $6.59 and a two-hundred day moving average price of $5.46.

Insider Activity

In other news, insider Sean Kiewiet sold 11,664 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $6.61, for a total value of $77,099.04. Following the completion of the sale, the insider now directly owns 1,073,494 shares in the company, valued at $7,095,795.34. This trade represents a 1.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Rajiv Kumar sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.13, for a total value of $61,300.00. Following the transaction, the chief accounting officer now directly owns 11,587 shares in the company, valued at approximately $71,028.31. This trade represents a 46.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,302 shares of company stock worth $286,501 in the last quarter. 76.30% of the stock is owned by corporate insiders.

Institutional Trading of Priority Technology

Hedge funds have recently bought and sold shares of the business. Rebalance LLC acquired a new position in Priority Technology during the third quarter worth $4,822,000. Vanguard Group Inc. lifted its position in shares of Priority Technology by 25.7% during 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. Pekin Hardy Strauss Inc. purchased a new position in Priority Technology in the second quarter worth $301,000. Jacobs Levy Equity Management Inc. bought a new position in Priority Technology in the 1st quarter valued at $164,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Priority Technology during the 2nd quarter valued at $202,000. Institutional investors and hedge funds own 11.52% of the company’s stock.

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.