Priority Technology (NASDAQ:PRTH) Announces Quarterly Earnings Results

Priority Technology (NASDAQ:PRTHGet Rating) announced its quarterly earnings data on Wednesday. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.09), MarketWatch Earnings reports. The business had revenue of $153.24 million during the quarter, compared to analyst estimates of $151.54 million. Priority Technology had a negative net margin of 0.37% and a negative return on equity of 0.26%. During the same period in the prior year, the firm earned ($0.04) earnings per share. Priority Technology updated its FY 2022 guidance to EPS.

Priority Technology stock traded up $0.17 during trading on Friday, hitting $4.68. 10,243 shares of the company were exchanged, compared to its average volume of 32,361. The business’s 50 day moving average is $5.34 and its 200 day moving average is $5.85. Priority Technology has a 52 week low of $4.32 and a 52 week high of $8.38.

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Priority Technology by 89.3% during the 1st quarter. Vanguard Group Inc. now owns 764,447 shares of the company’s stock valued at $4,395,000 after acquiring an additional 360,626 shares in the last quarter. BlackRock Inc. lifted its stake in Priority Technology by 1.7% during the 4th quarter. BlackRock Inc. now owns 476,320 shares of the company’s stock valued at $3,373,000 after acquiring an additional 7,772 shares in the last quarter. Invenomic Capital Management LP lifted its stake in Priority Technology by 9.1% during the 4th quarter. Invenomic Capital Management LP now owns 268,907 shares of the company’s stock valued at $1,904,000 after acquiring an additional 22,416 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Priority Technology by 9.8% during the 2nd quarter. Wells Fargo & Company MN now owns 128,868 shares of the company’s stock valued at $984,000 after acquiring an additional 11,522 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Priority Technology by 17.1% during the 1st quarter. Northern Trust Corp now owns 100,147 shares of the company’s stock valued at $575,000 after acquiring an additional 14,589 shares in the last quarter. Institutional investors and hedge funds own 12.97% of the company’s stock.

PRTH has been the topic of a number of research reports. B. Riley reaffirmed a “buy” rating on shares of Priority Technology in a research note on Monday, May 9th. Zacks Investment Research downgraded Priority Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, March 23rd.

About Priority Technology (Get Rating)

Priority Technology Holdings, Inc operates as a payment technology company in the United States. It operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business Payments, and Enterprise Payments. The company offers MX product line, including 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 as our leverage point.

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Earnings History for Priority Technology (NASDAQ:PRTH)

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