Priority Technology (NASDAQ:PRTH) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Priority Technology (NASDAQ:PRTH) from a hold rating to a strong sell rating in a research note published on Wednesday morning,Zacks.com reports.

PRTH has been the subject of several other research reports. TD Cowen dropped their price target 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. Wall Street Zen upgraded Priority Technology from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. TD Securities lowered their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods lowered Priority Technology from a “moderate buy” rating to a “hold” rating and reduced their price target for the company from $9.00 to $6.00 in a research report on Tuesday, November 11th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.75.

Priority Technology Stock Performance

Priority Technology stock opened at $4.96 on Wednesday. Priority Technology has a fifty-two week low of $4.44 and a fifty-two week high of $8.89. The firm has a 50 day moving average price of $5.63 and a 200 day moving average price of $6.24. The company has a market capitalization of $406.08 million, a PE ratio of 7.19 and a beta of 1.39.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings data 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 net margin of 5.84% and a negative return on equity of 66.50%. The firm had revenue of $247.13 million during the quarter, compared to analysts’ expectations of $247.92 million. As a group, equities research analysts forecast that Priority Technology will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On Priority Technology

Several large investors have recently bought and sold shares of PRTH. BNP Paribas Financial Markets raised its stake in Priority Technology by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock valued at $35,000 after buying an additional 1,863 shares in the last quarter. State of Wyoming boosted its position in shares of Priority Technology by 4.5% during the 3rd quarter. State of Wyoming now owns 47,259 shares of the company’s stock worth $325,000 after acquiring an additional 2,051 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Priority Technology by 10.2% in the 1st quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock valued at $178,000 after acquiring an additional 2,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Priority Technology by 25.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company’s stock valued at $89,000 after acquiring an additional 2,648 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Priority Technology by 14.4% during the 3rd quarter. Alliancebernstein L.P. now owns 25,460 shares of the company’s stock worth $175,000 after acquiring an additional 3,200 shares in 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.