Priority Technology (NASDAQ:PRTH) Shares Up 5.8% – What’s Next?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price was up 5.8% during mid-day trading on Monday . The company traded as high as $9.09 and last traded at $9.09. Approximately 128,629 shares were traded during mid-day trading, an increase of 59% from the average daily volume of 80,814 shares. The stock had previously closed at $8.59.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PRTH. Lake Street Capital boosted their target price on shares of Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods boosted their price objective on shares of Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a research report on Friday, November 22nd. Finally, B. Riley increased their price objective on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, November 25th.

Priority Technology Trading Up 17.5 %

The firm’s 50 day moving average price is $7.94 and its 200-day moving average price is $6.36. The company has a market cap of $836.05 million, a P/E ratio of -25.79 and a beta of 1.19.

Insider Activity at Priority Technology

In related news, insider Sean Kiewiet sold 4,483 shares of Priority Technology stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $6.00, for a total transaction of $26,898.00. Following the completion of the sale, the insider now directly owns 1,065,158 shares of the company’s stock, valued at $6,390,948. The trade was a 0.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 76,766 shares of company stock worth $656,166 over the last ninety days. Company insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Several institutional investors have recently modified their holdings of the stock. Jane Street Group LLC increased its position in shares of Priority Technology by 6.1% in the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock valued at $153,000 after buying an additional 1,293 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Priority Technology by 61.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock valued at $109,000 after purchasing an additional 6,096 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings 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 in the last quarter. Pekin Hardy Strauss Inc. boosted its position in shares of Priority Technology by 17.0% during the third quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock worth $455,000 after buying an additional 9,675 shares during the period. Finally, Corsair Capital Management L.P. grew its holdings in shares of Priority Technology by 10.5% during the third quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock worth $720,000 after buying an additional 10,000 shares in the last quarter. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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.