Priority Technology Holdings, Inc. (NASDAQ:PRTH) Sees Significant Decline in Short Interest

Priority Technology Holdings, Inc. (NASDAQ:PRTH) saw a large decrease in short interest in the month of February. As of February 15th, there was short interest totalling 327,500 shares, a decrease of 20.4% from the January 31st total of 411,300 shares. Currently, 1.6% of the company’s shares are short sold. Based on an average daily trading volume, of 572,800 shares, the short-interest ratio is presently 0.6 days.

Analysts Set New Price Targets

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

Insider Activity at Priority Technology

In other Priority Technology news, COO Ranjana Ram sold 18,385 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $7.44, for a total value of $136,784.40. Following the sale, the chief operating officer now owns 693,004 shares in the company, valued at $5,155,949.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas Charles Priore sold 294,167 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $7.44, for a total value of $2,188,602.48. Following the completion of the sale, the chief executive officer now owns 34,025,319 shares in the company, valued at approximately $253,148,373.36. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,293,715 shares of company stock worth $39,926,089. Company insiders own 76.30% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

A number of institutional investors have recently added to or reduced their stakes in PRTH. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Priority Technology during the third quarter valued at about $112,000. Charles Schwab Investment Management Inc. boosted its position 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 valued at $386,000 after purchasing an additional 7,719 shares in the last quarter. Pekin Hardy Strauss Inc. boosted its position in Priority Technology by 17.0% during the third quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock valued at $455,000 after purchasing an additional 9,675 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Priority Technology by 61.7% during the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock valued at $109,000 after purchasing an additional 6,096 shares in the last quarter. Finally, Corsair Capital Management L.P. boosted its position in Priority Technology by 10.5% during the third quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock valued at $720,000 after purchasing an additional 10,000 shares in the last quarter. Institutional investors own 11.52% of the company’s stock.

Priority Technology Trading Down 1.5 %

Shares of Priority Technology stock traded down $0.14 during trading on Tuesday, hitting $9.00. 739,944 shares of the stock traded hands, compared to its average volume of 701,721. The firm has a market cap of $694.78 million, a P/E ratio of -21.43 and a beta of 1.17. Priority Technology has a 52-week low of $2.82 and a 52-week high of $12.47. The stock’s fifty day simple moving average is $10.46 and its 200 day simple moving average is $8.27.

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.