Priority Technology (NASDAQ:PRTH) Shares Down 5% – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price traded down 5% on Wednesday . The stock traded as low as $8.47 and last traded at $8.53. 97,184 shares were traded during mid-day trading, an increase of 73% from the average session volume of 56,307 shares. The stock had previously closed at $8.98.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Lake Street Capital raised their target price on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday. B. Riley boosted their price objective on shares of Priority Technology from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Finally, Keefe, Bruyette & Woods boosted 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 report on Friday.

Priority Technology Price Performance

The business has a 50-day moving average of $6.59 and a 200-day moving average of $5.46. The firm has a market cap of $618.90 million, a price-to-earnings ratio of -21.12 and a beta of 1.01.

Insider Activity

In other Priority Technology news, CAO Rajiv Kumar sold 10,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.13, for a total transaction of $61,300.00. Following the completion of the sale, the chief accounting officer now owns 11,587 shares of the company’s stock, valued at $71,028.31. This trade represents a 46.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sean Kiewiet sold 11,664 shares of Priority Technology stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $6.61, for a total transaction of $77,099.04. Following 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,302 shares of company stock valued at $286,501. 76.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Priority Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Priority Technology by 25.7% during the first quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock worth $2,494,000 after purchasing an additional 156,044 shares during the period. Rebalance LLC bought a new stake in Priority Technology during the third quarter worth about $4,822,000. Jacobs Levy Equity Management Inc. bought a new stake in Priority Technology during the first quarter worth about $164,000. Renaissance Technologies LLC bought a new stake in Priority Technology during the second quarter worth about $202,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in Priority Technology during the first quarter worth about $91,000. Institutional investors and hedge funds 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.