Priority Technology (NASDAQ:PRTH) Hits New 1-Year High – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $7.80 and last traded at $7.54, with a volume of 61595 shares traded. The stock had previously closed at $6.64.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PRTH shares. B. Riley increased their price objective on shares of Priority Technology from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Keefe, Bruyette & Woods lifted their price objective on shares of Priority Technology from $4.50 to $5.00 and gave the company a “market perform” rating in a research note on Friday, August 9th.

Priority Technology Stock Performance

The company has a market capitalization of $525.53 million, a price-to-earnings ratio of -11.60 and a beta of 1.01. The business’s 50 day moving average price is $6.09 and its two-hundred day moving average price is $5.10.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.12) earnings per share (EPS) for the quarter. Priority Technology had a negative return on equity of 9.60% and a net margin of 0.74%. The company had revenue of $219.87 million during the quarter.

Insiders Place Their Bets

In related news, insider Sean Kiewiet sold 4,483 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $6.00, for a total value of $26,898.00. Following the completion of the transaction, the insider now directly owns 1,065,158 shares of the company’s stock, valued at $6,390,948. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Sean Kiewiet sold 4,483 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $6.00, for a total value of $26,898.00. Following the sale, the insider now owns 1,065,158 shares of the company’s stock, valued at approximately $6,390,948. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Rajiv Kumar sold 10,000 shares of Priority Technology stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.13, for a total value 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 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,498 shares of company stock worth $368,761. 76.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Priority Technology

Several hedge funds have recently modified their holdings of the stock. Rebalance LLC acquired a new stake in shares of Priority Technology in the third quarter valued at approximately $4,822,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of Priority Technology in the 2nd quarter valued at $301,000. Renaissance Technologies LLC acquired a new stake in Priority Technology in the second quarter valued at approximately $202,000. Williams & Novak LLC acquired a new stake in Priority Technology during the 2nd quarter worth approximately $77,000. Finally, Virtu Financial LLC acquired a new stake in shares of Priority Technology in the first quarter valued at about $50,000. Institutional investors 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.