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

Priority Technology Holdings, Inc. (NASDAQ:PRTH) gapped up before the market opened 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 trading hands.

Several other research firms have also recently weighed in on PRTH. Lake Street Capital upped their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday. B. Riley lifted their price objective on shares of Priority Technology from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Monday, September 23rd.

Insiders Place Their Bets

In other news, CAO Rajiv Kumar sold 10,000 shares of Priority Technology 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 sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sean Kiewiet sold 7,201 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $5.90, for a total transaction of $42,485.90. Following the transaction, the insider now owns 1,094,652 shares in the company, valued at $6,458,446.80. This represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,302 shares of company stock valued at $286,501 over the last quarter. 76.30% of the stock is owned by corporate insiders.

Institutional Trading of Priority Technology

A number of hedge funds have recently modified their holdings of PRTH. State Board of Administration of Florida Retirement System bought a new stake in shares of Priority Technology in the 1st quarter worth approximately $91,000. Vanguard Group Inc. raised its stake in Priority Technology by 25.7% during the first 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 last quarter. Jacobs Levy Equity Management Inc. bought a new stake in Priority Technology in the first quarter worth $164,000. Virtu Financial LLC purchased a new stake in shares of Priority Technology in the first quarter worth $50,000. Finally, Williams & Novak LLC bought a new position in shares of Priority Technology during the second quarter valued at $77,000. Institutional investors own 11.52% of the company’s stock.

Priority Technology Stock Performance

The firm has a 50-day moving average price of $6.59 and a 200-day moving average price of $5.46. The stock has a market cap of $678.32 million, a PE ratio of -21.12 and a beta of 1.01.

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.