Priority Technology (NASDAQ:PRTH) Trading Up 4.8% – Still a Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shot up 4.8% during mid-day trading on Tuesday . The stock traded as high as $9.74 and last traded at $9.62. 32,081 shares were traded during trading, a decline of 58% from the average session volume of 76,426 shares. The stock had previously closed at $9.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PRTH shares. B. Riley lifted their price objective on shares of Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Lake Street Capital raised their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Finally, Keefe, Bruyette & Woods boosted their price objective on Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd.

Priority Technology Stock Down 4.9 %

The firm has a market capitalization of $690.92 million, a price-to-earnings ratio of -21.31 and a beta of 1.20. The firm’s 50 day moving average is $7.70 and its 200 day moving average is $6.21.

Insider Buying and Selling at Priority Technology

In other Priority Technology news, insider Sean Kiewiet sold 21,286 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.68, for a total transaction of $206,048.48. Following the completion of the sale, the insider now directly owns 888,608 shares of the company’s stock, valued at approximately $8,601,725.44. This represents a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have sold 76,666 shares of company stock valued at $655,166. Corporate insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRTH. Rebalance LLC purchased a new position in Priority Technology during the third quarter valued at approximately $4,822,000. Renaissance Technologies LLC bought a new stake in Priority Technology during the second quarter worth approximately $202,000. Pekin Hardy Strauss Inc. acquired a new position in Priority Technology in the 2nd quarter valued at $301,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Priority Technology in the 3rd quarter valued at approximately $112,000. Finally, BNP Paribas Financial Markets increased its position in Priority Technology by 61.7% during the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock worth $109,000 after acquiring an additional 6,096 shares during the period. Institutional investors and hedge funds own 11.52% of the company’s stock.

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.