Ritholtz Wealth Management Has $407,000 Position in Priority Technology Holdings, Inc. (NASDAQ:PRTH)

Ritholtz Wealth Management lifted its stake in Priority Technology Holdings, Inc. (NASDAQ:PRTH) by 140.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,686 shares of the company’s stock after purchasing an additional 34,906 shares during the period. Ritholtz Wealth Management owned 0.08% of Priority Technology worth $407,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. National Bank of Canada FI acquired a new stake in shares of Priority Technology in the fourth quarter valued at approximately $56,000. Deutsche Bank AG acquired a new stake in shares of Priority Technology in the fourth quarter valued at approximately $60,000. Wells Fargo & Company MN increased its holdings in shares of Priority Technology by 53.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock valued at $101,000 after purchasing an additional 3,006 shares in the last quarter. Corient Private Wealth LLC bought a new position in Priority Technology in the fourth quarter valued at approximately $118,000. Finally, Quantbot Technologies LP bought a new position in Priority Technology in the fourth quarter valued at approximately $125,000. Institutional investors and hedge funds own 11.52% of the company’s stock.

Wall Street Analyst Weigh In

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

Priority Technology Stock Performance

Shares of PRTH stock opened at $8.12 on Friday. Priority Technology Holdings, Inc. has a 52-week low of $4.13 and a 52-week high of $12.47. The stock has a market cap of $647.57 million, a PE ratio of -73.82 and a beta of 1.51. The firm’s 50 day moving average price is $7.57 and its two-hundred day moving average price is $8.72.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.12. The company had revenue of $224.63 million for the quarter, compared to analysts’ expectations of $228.81 million. Priority Technology had a net margin of 3.01% and a negative return on equity of 38.73%. As a group, sell-side analysts predict that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current fiscal year.

Insider Transactions at Priority Technology

In other news, General Counsel Bradley J. Miller sold 100,000 shares of Priority Technology stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $8.55, for a total transaction of $855,000.00. Following the transaction, the general counsel now directly owns 243,620 shares of the company’s stock, valued at $2,082,951. This trade represents a 29.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Marietta Davis sold 9,433 shares of the company’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $7.22, for a total transaction of $68,106.26. Following the completion of the transaction, the director now directly owns 75,136 shares of the company’s stock, valued at approximately $542,481.92. The trade was a 11.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 66.20% of the company’s stock.

Priority Technology 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.