Priority Technology (NASDAQ:PRTH) Hits New 1-Year High – Time to Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $12.47 and last traded at $12.23, with a volume of 283172 shares trading hands. The stock had previously closed at $12.07.

Analyst Ratings Changes

PRTH has been the topic of a number of analyst reports. Lake Street Capital increased their target price on Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd. B. Riley increased their target price on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Keefe, Bruyette & Woods raised Priority Technology from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $10.00 to $14.00 in a research note on Thursday, January 16th.

Priority Technology Trading Up 1.9 %

The firm has a market capitalization of $949.25 million, a PE ratio of -29.26 and a beta of 1.17. The firm has a 50-day moving average of $10.21 and a two-hundred day moving average of $7.87.

Insider Buying and Selling

In other Priority Technology news, Director John Vito Priore sold 3,454,575 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $7.44, for a total value of $25,702,038.00. Following the transaction, the director now directly owns 5,314,430 shares of the company’s stock, valued at $39,539,359.20. This trade represents a 39.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sean Kiewiet sold 6,467 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $10.10, for a total value of $65,316.70. Following the completion of the transaction, the insider now directly owns 909,894 shares in the company, valued at $9,189,929.40. This trade represents a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,343,646 shares of company stock valued at $40,419,456. 76.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. National Bank of Canada FI purchased a new position in Priority Technology in the fourth quarter valued at about $56,000. Deutsche Bank AG acquired a new stake in shares of Priority Technology during the fourth quarter valued at about $60,000. SG Americas Securities LLC acquired a new stake in shares of Priority Technology during the fourth quarter valued at about $100,000. Wells Fargo & Company MN grew its stake in shares of Priority Technology by 53.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock valued at $101,000 after acquiring an additional 3,006 shares in the last quarter. Finally, Corient Private Wealth LLC acquired a new stake in shares of Priority Technology during the fourth quarter valued at about $118,000. 11.52% of the stock is owned by hedge funds and other institutional investors.

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.