Priority Technology (NASDAQ:PRTH) Downgraded to “Hold” Rating by Wall Street Zen

Priority Technology (NASDAQ:PRTH) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts also recently weighed in on PRTH. TD Cowen reduced their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday. Zacks Research cut Priority Technology from a “hold” rating to a “strong sell” rating in a report on Wednesday. TD Securities dropped their price objective on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Priority Technology presently has an average rating of “Hold” and an average target price of $8.75.

Priority Technology Stock Performance

Shares of NASDAQ PRTH opened at $4.96 on Friday. The firm has a market cap of $406.08 million, a P/E ratio of 7.19 and a beta of 1.39. Priority Technology has a 1 year low of $4.44 and a 1 year high of $8.89. The firm’s 50 day moving average price is $5.63 and its 200 day moving average price is $6.24.

Priority Technology (NASDAQ:PRTH) last issued its quarterly earnings results on Tuesday, March 10th. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.02). Priority Technology had a net margin of 5.84% and a negative return on equity of 66.50%. The business had revenue of $247.13 million during the quarter, compared to analyst estimates of $247.92 million. As a group, equities analysts predict that Priority Technology will post -0.09 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PRTH. Raymond James Financial Inc. acquired a new stake in Priority Technology during the 2nd quarter valued at $29,000. 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 buying an additional 1,863 shares in the last quarter. Strs Ohio acquired a new position in Priority Technology in the 1st quarter worth $46,000. Invesco Ltd. purchased a new position in Priority Technology in the 4th quarter valued at about $58,000. Finally, AXQ Capital LP acquired a new stake in shares of Priority Technology during the fourth quarter valued at about $80,000. Hedge funds and other institutional investors own 11.52% of the company’s stock.

About Priority Technology

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.