Priority Technology Holdings, Inc. (NASDAQ:PRTH) Receives $8.75 Average PT from Analysts

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have been assigned an average recommendation of “Hold” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $8.75.

A number of brokerages recently issued reports on PRTH. Zacks Research cut Priority Technology from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 11th. TD Securities reduced their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Wall Street Zen cut Priority Technology from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. TD Cowen lowered their price target on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRTH. Raymond James Financial Inc. bought a new position in shares of Priority Technology in the second quarter worth $29,000. BNP Paribas Financial Markets raised its position in shares of Priority Technology by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after buying an additional 1,863 shares in the last quarter. Strs Ohio bought a new stake in Priority Technology during the first quarter valued at $46,000. Invesco Ltd. purchased a new position in Priority Technology during the fourth quarter worth about $58,000. Finally, AXQ Capital LP purchased a new position in Priority Technology during the fourth quarter worth about $80,000. 11.52% of the stock is owned by institutional investors.

Priority Technology Trading Up 2.1%

Priority Technology stock opened at $4.81 on Tuesday. The firm has a 50 day simple moving average of $5.49 and a 200 day simple moving average of $6.03. Priority Technology has a 1-year low of $4.44 and a 1-year high of $8.89. The firm has a market capitalization of $395.81 million, a price-to-earnings ratio of 6.97 and a beta of 1.39.

Priority Technology (NASDAQ:PRTH) last posted its earnings results on Tuesday, March 10th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02). Priority Technology had a negative return on equity of 66.50% and a net margin of 5.84%.The company had revenue of $247.13 million for the quarter, compared to analysts’ expectations of $247.92 million. On average, equities research analysts forecast that Priority Technology will post -0.09 EPS for the current year.

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.