TD Cowen Issues Pessimistic Forecast for Priority Technology (NASDAQ:PRTH) Stock Price

Priority Technology (NASDAQ:PRTH) had its price objective cut by equities researchers at TD Cowen from $10.00 to $9.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target would indicate a potential upside of 80.00% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Zacks Research upgraded Priority Technology from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 7th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Priority Technology from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Finally, Keefe, Bruyette & Woods cut shares of Priority Technology from a “moderate buy” rating to a “hold” rating and reduced their price objective for the stock from $9.00 to $6.00 in a research note on Tuesday, November 11th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Priority Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.75.

Priority Technology Stock Performance

NASDAQ PRTH opened at $5.00 on Wednesday. The business’s fifty day moving average is $5.64 and its 200 day moving average is $6.26. Priority Technology has a fifty-two week low of $4.44 and a fifty-two week high of $8.89. The company has a market capitalization of $409.35 million, a PE ratio of 7.25 and a beta of 1.39.

Priority Technology (NASDAQ:PRTH) last issued its quarterly earnings results on Tuesday, March 10th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $247.92 million. On average, sell-side analysts forecast that Priority Technology will post -0.09 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its holdings in Priority Technology by 57.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after purchasing an additional 1,863 shares in the last quarter. State of Wyoming grew its holdings in Priority Technology by 4.5% during the 3rd quarter. State of Wyoming now owns 47,259 shares of the company’s stock valued at $325,000 after buying an additional 2,051 shares in the last quarter. Rhumbline Advisers raised its position in shares of Priority Technology by 10.2% during the first quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock valued at $178,000 after buying an additional 2,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Priority Technology by 25.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company’s stock valued at $89,000 after buying an additional 2,648 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Priority Technology by 14.4% in the third quarter. Alliancebernstein L.P. now owns 25,460 shares of the company’s stock worth $175,000 after buying an additional 3,200 shares in the last quarter. 11.52% of the stock is owned by hedge funds and other institutional investors.

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.