Priority Technology (NASDAQ:PRTH) Sees Unusually-High Trading Volume – Time to Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares saw unusually-strong trading volume on Friday . Approximately 626,519 shares changed hands during trading, an increase of 153% from the previous session’s volume of 248,032 shares.The stock last traded at $6.80 and had previously closed at $7.43.

Analyst Ratings Changes

Several analysts recently issued reports on PRTH shares. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $12.00 price target (down previously from $14.00) on shares of Priority Technology in a research report on Friday, March 7th. TD Cowen raised shares of Priority Technology to a “strong-buy” rating in a research report on Tuesday, March 18th.

Priority Technology Trading Down 9.2 %

The business has a 50-day moving average of $9.35 and a 200 day moving average of $8.53. The firm has a market capitalization of $536.75 million, a PE ratio of -16.07 and a beta of 0.99.

Insider Activity

In other news, Director John Vito Priore sold 3,454,575 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 5,314,430 shares of the company’s stock, valued at $39,539,359.20. This represents a 39.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Ranjana Ram sold 18,385 shares of Priority Technology 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 disclosure for this sale can be found here. Insiders sold a total of 5,122,431 shares of company stock worth $38,110,887 over the last quarter. Insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI bought a new stake in Priority Technology in the fourth quarter worth about $56,000. Deutsche Bank AG purchased a new stake in shares of Priority Technology during the 4th quarter worth approximately $60,000. SG Americas Securities LLC bought a new stake in shares of Priority Technology in the 4th quarter worth approximately $100,000. Wells Fargo & Company MN lifted its stake in Priority Technology by 53.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock valued at $101,000 after purchasing an additional 3,006 shares during the last quarter. Finally, Corient Private Wealth LLC bought a new position in Priority Technology during the fourth quarter valued at $118,000. 11.52% of the stock is owned by hedge funds and other institutional investors.

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.