Priority Technology (NASDAQ:PRTH) Trading Up 7.8% on Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares traded up 7.8% on Tuesday after B. Riley raised their price target on the stock from $13.00 to $16.00. B. Riley currently has a buy rating on the stock. Priority Technology traded as high as $9.43 and last traded at $9.42. 49,044 shares changed hands during mid-day trading, a decline of 20% from the average session volume of 61,321 shares. The stock had previously closed at $8.74.

Several other analysts have also weighed in on PRTH. Keefe, Bruyette & Woods boosted their price objective on Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Friday, November 22nd. Lake Street Capital lifted their target price on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd.

Insider Buying and Selling

In other news, CAO Rajiv Kumar sold 10,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.13, for a total transaction of $61,300.00. Following the completion of the transaction, the chief accounting officer now owns 11,587 shares of the company’s stock, valued at approximately $71,028.31. The trade was a 46.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Sean Kiewiet sold 11,664 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $6.61, for a total transaction of $77,099.04. Following the completion of the sale, the insider now owns 1,073,494 shares in the company, valued at $7,095,795.34. The trade was a 1.07 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,302 shares of company stock worth $286,501 over the last quarter. 76.30% of the stock is owned by company insiders.

Institutional Trading of Priority Technology

Large investors have recently added to or reduced their stakes in the business. State Board of Administration of Florida Retirement System bought a new position in shares of Priority Technology in the first quarter worth $91,000. Vanguard Group Inc. lifted its holdings in Priority Technology by 25.7% in the first quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock worth $2,494,000 after purchasing an additional 156,044 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in Priority Technology in the 1st quarter valued at about $164,000. Virtu Financial LLC acquired a new position in Priority Technology during the 1st quarter valued at about $50,000. Finally, Williams & Novak LLC bought a new stake in shares of Priority Technology during the 2nd quarter worth about $77,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

Priority Technology Stock Performance

The business’s 50 day moving average price is $6.82 and its two-hundred day moving average price is $5.63. The company has a market capitalization of $776.33 million, a price-to-earnings ratio of -23.95 and a beta of 1.01.

Priority Technology Company Profile

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.