Priority Technology Holdings, Inc. (NASDAQ:PRTH) Receives $13.00 Average PT from Brokerages

Priority Technology Holdings, Inc. (NASDAQ:PRTH) has been given an average rating of “Buy” by the five research firms that are covering the company, MarketBeat reports. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $13.00.

A number of research analysts have weighed in on PRTH shares. Wall Street Zen raised shares of Priority Technology from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Keefe, Bruyette & Woods reduced their target price on shares of Priority Technology from $12.00 to $10.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Finally, Cowen reissued a “buy” rating on shares of Priority Technology in a research report on Friday, August 8th.

Priority Technology Stock Performance

PRTH opened at $7.95 on Monday. The company’s 50 day simple moving average is $7.67 and its 200 day simple moving average is $8.06. Priority Technology has a 1 year low of $4.62 and a 1 year high of $12.47. The stock has a market capitalization of $635.36 million, a PE ratio of 30.58 and a beta of 1.51.

Priority Technology (NASDAQ:PRTH) last released its earnings results on Thursday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.01. Priority Technology had a net margin of 4.03% and a negative return on equity of 47.35%. The business had revenue of $239.81 million for the quarter, compared to analysts’ expectations of $239.63 million. As a group, sell-side analysts expect that Priority Technology will post -0.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Priority Technology

In other news, General Counsel Bradley J. Miller sold 100,000 shares of the stock in a transaction 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 completion of the transaction, the general counsel owned 243,620 shares of the company’s stock, valued at approximately $2,082,951. This represents a 29.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Marietta Davis sold 9,433 shares of the company’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $7.22, for a total value of $68,106.26. Following the completion of the sale, the director owned 75,136 shares of the company’s stock, valued at approximately $542,481.92. This trade represents a 11.15% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 66.20% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

Several hedge funds have recently modified their holdings of PRTH. Steamboat Capital Partners LLC lifted its stake in Priority Technology by 200.6% in the 1st quarter. Steamboat Capital Partners LLC now owns 2,400,000 shares of the company’s stock worth $16,356,000 after acquiring an additional 1,601,491 shares in the last quarter. Invesco Ltd. purchased a new stake in Priority Technology in the 4th quarter worth about $4,883,000. Jacobs Levy Equity Management Inc. purchased a new stake in Priority Technology in the 1st quarter worth about $2,809,000. Divisadero Street Capital Management LP purchased a new stake in Priority Technology in the 4th quarter worth about $4,524,000. Finally, AQR Capital Management LLC purchased a new stake in Priority Technology in the 1st quarter worth about $2,292,000. 11.52% of the stock is 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.