Priority Technology (NASDAQ:PRTH) Shares Gap Down on Insider Selling

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $7.80, but opened at $7.63. Priority Technology shares last traded at $7.98, with a volume of 67,425 shares traded.

Specifically, General Counsel Bradley J. Miller sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $8.55, for a total value of $855,000.00. Following the sale, the general counsel now owns 243,620 shares in the company, valued at $2,082,951. This represents a 29.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analyst Ratings Changes

A number of research analysts have issued reports on PRTH shares. TD Cowen raised Priority Technology to a “strong-buy” rating in a report on Tuesday, March 18th. Keefe, Bruyette & Woods decreased their price target on Priority Technology from $12.00 to $10.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th.

Priority Technology Stock Performance

The company has a 50 day moving average of $7.50 and a 200 day moving average of $8.75. The stock has a market capitalization of $634.04 million, a price-to-earnings ratio of -18.93 and a beta of 1.51.

Priority Technology (NASDAQ:PRTH) last issued its earnings results on Tuesday, May 6th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.12. The business had revenue of $224.63 million during the quarter, compared to the consensus estimate of $228.81 million. Priority Technology had a negative return on equity of 15.86% and a net margin of 1.96%. On average, equities analysts predict that Priority Technology Holdings, Inc. will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

A number of hedge funds have recently modified their holdings of PRTH. AlphaQuest LLC purchased a new position in Priority Technology during the 1st quarter valued at about $37,000. Strs Ohio acquired a new position in Priority Technology during the first quarter worth approximately $46,000. CWM LLC increased its position in Priority Technology by 13,386.7% during the first quarter. CWM LLC now owns 8,092 shares of the company’s stock worth $55,000 after buying an additional 8,032 shares during the period. National Bank of Canada FI acquired a new position in Priority Technology during the fourth quarter worth approximately $56,000. Finally, US Bancorp DE purchased a new position in shares of Priority Technology in the 1st quarter valued at approximately $58,000. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

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.