Priority Technology (NASDAQ:PRTH) Stock Price Down 9.5% – What’s Next?

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) traded down 9.5% during mid-day trading on Monday . The stock traded as low as $9.67 and last traded at $9.68. 175,751 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 324,675 shares. The stock had previously closed at $10.70.

Analyst Ratings Changes

PRTH has been the subject of a number of research reports. Lake Street Capital boosted their target price 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. B. Riley lifted their price target on shares of Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Keefe, Bruyette & Woods upped 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 11.2 %

The firm has a market cap of $733.38 million, a PE ratio of -22.62 and a beta of 1.17. The firm’s fifty day simple moving average is $9.42 and its two-hundred day simple moving average is $7.00.

Insider Activity at Priority Technology

In other Priority Technology news, insider Sean Kiewiet sold 170,596 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $10.60, for a total value of $1,808,317.60. Following the completion of the transaction, the insider now directly owns 711,853 shares in the company, valued at $7,545,641.80. This represents a 19.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 231,215 shares of company stock worth $2,360,486. 76.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Priority Technology

Several hedge funds have recently modified their holdings of the stock. Virtu Financial LLC bought a new stake in Priority Technology in the 3rd quarter valued at $91,000. BNP Paribas Financial Markets lifted its position in shares of Priority Technology by 61.7% in the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock worth $109,000 after buying an additional 6,096 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Priority Technology during the third quarter valued at approximately $112,000. Jane Street Group LLC grew its holdings in Priority Technology by 6.1% during the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock valued at $153,000 after buying an additional 1,293 shares in the last quarter. Finally, Barclays PLC increased its stake in Priority Technology by 255.9% in the 3rd quarter. Barclays PLC now owns 26,064 shares of the company’s stock worth $178,000 after acquiring an additional 18,741 shares during the last quarter. Hedge funds and other institutional investors own 11.52% of the company’s stock.

About Priority Technology

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.