Priority Technology (NASDAQ:PRTH) Stock Price Down 4.9% – Should You Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares dropped 4.9% during mid-day trading on Friday . The company traded as low as $9.30 and last traded at $9.57. Approximately 114,946 shares traded hands during mid-day trading, an increase of 75% from the average daily volume of 65,767 shares. The stock had previously closed at $10.06.

Wall Street Analyst Weigh In

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

Priority Technology Price Performance

The stock has a 50-day simple moving average of $6.89 and a 200 day simple moving average of $5.66. The company has a market capitalization of $717.68 million, a PE ratio of -22.14 and a beta of 1.01.

Insider Transactions at Priority Technology

In related news, CAO Rajiv Kumar sold 10,000 shares of the stock in a transaction dated Friday, September 13th. The stock was 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. This represents a 46.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Sean Kiewiet sold 5,700 shares of the stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $5.11, for a total value of $29,127.00. Following the completion of the transaction, the insider now directly owns 1,055,158 shares of the company’s stock, valued at $5,391,857.38. This represents a 0.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,302 shares of company stock valued at $286,501 over the last three months. 76.30% of the stock is currently owned by insiders.

Institutional Trading of Priority Technology

A number of institutional investors and hedge funds have recently made changes to their positions in PRTH. Virtu Financial LLC acquired a new stake in shares of Priority Technology during the 1st quarter worth approximately $50,000. Williams & Novak LLC bought a new stake in shares of Priority Technology during the 2nd quarter worth $77,000. State Board of Administration of Florida Retirement System bought a new stake in shares of Priority Technology during the 1st quarter worth $91,000. BNP Paribas Financial Markets boosted 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 during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Priority Technology in the third quarter worth $112,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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.