Priority Technology (NASDAQ:PRTH) Sees Large Volume Increase – Still a Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares saw strong trading volume on Wednesday . 257,981 shares traded hands during mid-day trading, a decline of 15% from the previous session’s volume of 304,159 shares.The stock last traded at $8.01 and had previously closed at $9.57.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. B. Riley raised their target price on shares of Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Keefe, Bruyette & Woods raised their target price 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. Finally, Lake Street Capital raised 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 Trading Down 15.3 %

The business’s fifty day simple moving average is $9.59 and its two-hundred day simple moving average is $7.06. The stock has a market capitalization of $626.08 million, a P/E ratio of -19.31 and a beta of 1.17.

Insider Buying and Selling at Priority Technology

In other Priority Technology news, insider Sean Kiewiet sold 22,178 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $10.01, for a total value of $222,001.78. Following the completion of the sale, the insider now directly owns 1,009,675 shares of the company’s stock, valued at $10,106,846.75. This represents a 2.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 231,215 shares of company stock valued at $2,360,486 in the last ninety days. Company insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rebalance LLC bought a new position in shares of Priority Technology during the 3rd quarter worth about $4,822,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Priority Technology by 15.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after acquiring an additional 7,719 shares during the period. Renaissance Technologies LLC bought a new position in shares of Priority Technology during the 2nd quarter worth about $202,000. Geode Capital Management LLC lifted its holdings in shares of Priority Technology by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock worth $2,707,000 after acquiring an additional 21,598 shares during the period. Finally, Jane Street Group LLC lifted its holdings in shares of Priority Technology by 6.1% during the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock worth $153,000 after acquiring an additional 1,293 shares during the period. 11.52% of the stock is owned by institutional investors.

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.