Priority Technology (NASDAQ:PRTH) Shares Gap Up – Time to Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares gapped up before the market opened on Thursday . The stock had previously closed at $8.95, but opened at $9.40. Priority Technology shares last traded at $9.05, with a volume of 25,724 shares.

Wall Street Analyst Weigh In

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

Priority Technology Stock Performance

The firm has a market capitalization of $663.13 million, a price-to-earnings ratio of -20.45 and a beta of 1.20. The business’s 50 day moving average is $7.79 and its 200-day moving average is $6.26.

Insider Activity

In other news, insider Sean Kiewiet sold 4,483 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 1,065,158 shares of the company’s stock, valued at approximately $6,390,948. This represents a 0.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 76,766 shares of company stock valued at $656,166. 76.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Priority Technology

Several hedge funds have recently made changes to their positions in the stock. Rebalance LLC bought a new stake in shares of Priority Technology in the 3rd quarter valued at approximately $4,822,000. Renaissance Technologies LLC acquired a new position in Priority Technology in the second quarter valued at about $202,000. Charles Schwab Investment Management Inc. grew its stake in Priority Technology by 15.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after buying an additional 7,719 shares during the last quarter. Pekin Hardy Strauss Inc. bought a new position in shares of Priority Technology in the second quarter valued at approximately $301,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Priority Technology in the 3rd quarter worth approximately $112,000. 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.