Priority Technology (NASDAQ:PRTH) Upgraded at Wall Street Zen

Priority Technology (NASDAQ:PRTH) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

PRTH has been the topic of several other reports. Keefe, Bruyette & Woods lowered shares of Priority Technology from a “moderate buy” rating to a “hold” rating and decreased their target price for the company from $9.00 to $6.00 in a report on Tuesday, November 11th. Industrial Alliance Securities set a $11.00 price target on shares of Priority Technology in a research report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a report on Monday. Zacks Research cut Priority Technology from a “hold” rating to a “strong sell” rating in a research note on Tuesday, December 9th. Finally, Alliance Global Partners restated a “buy” rating on shares of Priority Technology in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.50.

Priority Technology Stock Up 0.4%

Shares of NASDAQ:PRTH opened at $5.61 on Friday. Priority Technology has a 52-week low of $4.44 and a 52-week high of $12.47. The stock has a market cap of $459.29 million, a P/E ratio of 10.58 and a beta of 1.45. The business has a fifty day moving average of $6.12 and a two-hundred day moving average of $7.13.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). Priority Technology had a net margin of 5.78% and a negative return on equity of 60.29%. The firm had revenue of $241.44 million for the quarter, compared to analyst estimates of $251.74 million. On average, equities analysts anticipate that Priority Technology will post -0.09 earnings per share for the current year.

Institutional Investors Weigh In On Priority Technology

Several institutional investors and hedge funds have recently modified their holdings of PRTH. Steamboat Capital Partners LLC raised its position 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 valued at $16,356,000 after purchasing an additional 1,601,491 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Priority Technology by 13.9% during the third quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after buying an additional 181,795 shares during the period. Acadian Asset Management LLC raised its holdings in Priority Technology by 66.2% in the second quarter. Acadian Asset Management LLC now owns 594,095 shares of the company’s stock valued at $4,618,000 after acquiring an additional 236,622 shares in the last quarter. AQR Capital Management LLC lifted its stake in Priority Technology by 70.5% in the second quarter. AQR Capital Management LLC now owns 573,345 shares of the company’s stock worth $4,461,000 after acquiring an additional 237,004 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Priority Technology by 19.4% in the second quarter. Geode Capital Management LLC now owns 536,349 shares of the company’s stock worth $4,173,000 after acquiring an additional 87,127 shares during the last quarter. Hedge funds and other institutional investors own 11.52% of the company’s stock.

Priority Technology Company Profile

Priority Technology Acquisition Corp is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization or similar business combination with one or more businesses in the technology sector. As a blank-check company, it does not conduct any operations of its own and holds the proceeds from its initial public offering in a trust account pending the identification and completion of a business combination.

The company’s management team is focused on evaluating target businesses that offer scalable technology products or services, including software, digital platforms and related infrastructure.