Priority Technology (NASDAQ:PRTH) Sees Strong Trading Volume – Here’s Why

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) saw an uptick in trading volume on Monday . 146,981 shares traded hands during mid-day trading, an increase of 167% from the previous session’s volume of 55,095 shares.The stock last traded at $8.31 and had previously closed at $7.99.

Wall Street Analyst Weigh In

Several brokerages recently commented on PRTH. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $9.00 price objective (up previously from $5.00) on shares of Priority Technology in a research note on Friday, November 8th. B. Riley raised their price target on Priority Technology from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd.

Priority Technology Stock Up 5.1 %

The company’s fifty day moving average price is $6.37 and its two-hundred day moving average price is $5.34. The company has a market cap of $648.23 million, a price-to-earnings ratio of -19.02 and a beta of 1.01.

Insiders Place Their Bets

In related news, CAO Rajiv Kumar sold 10,000 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.13, for a total transaction of $61,300.00. Following the completion of the transaction, the chief accounting officer now owns 11,587 shares in the company, 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 can be accessed through this hyperlink. Also, insider Sean Kiewiet sold 11,664 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $6.61, for a total transaction of $77,099.04. Following the completion of the transaction, the insider now directly owns 1,073,494 shares of the company’s stock, valued at approximately $7,095,795.34. This trade represents a 1.07 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 64,498 shares of company stock worth $368,761. Corporate insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Large investors have recently modified their holdings of the business. Jane Street Group LLC increased its position in shares of Priority Technology by 6.1% in the third quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock valued at $153,000 after acquiring an additional 1,293 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Priority Technology by 61.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock worth $109,000 after purchasing an additional 6,096 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Priority Technology by 15.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after purchasing an additional 7,719 shares in the last quarter. Pekin Hardy Strauss Inc. raised its stake in shares of Priority Technology by 17.0% during the 3rd quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock worth $455,000 after purchasing an additional 9,675 shares in the last quarter. Finally, Corsair Capital Management L.P. boosted its holdings in shares of Priority Technology by 10.5% in the 3rd quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock valued at $720,000 after buying an additional 10,000 shares during the last quarter. 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.