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

Priority Technology Holdings, Inc. (NASDAQ:PRTH) saw an uptick in trading volume on Wednesday . 76,116 shares changed hands during trading, an increase of 19% from the previous session’s volume of 64,047 shares.The stock last traded at $9.57 and had previously closed at $10.02.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PRTH. Lake Street Capital boosted their price target on Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd. B. Riley boosted their price target on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a report on Monday. Finally, Keefe, Bruyette & Woods boosted their price target on Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Friday, November 22nd.

Priority Technology Price Performance

The firm’s 50 day moving average is $6.75 and its 200 day moving average is $5.60. The firm has a market cap of $774.79 million, a P/E ratio of -23.86 and a beta of 1.01.

Insider Activity at Priority Technology

In other news, insider Sean Kiewiet sold 4,954 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.41, for a total value of $26,801.14. Following the transaction, the insider now owns 1,085,158 shares in the company, valued at approximately $5,870,704.78. This represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Rajiv Kumar sold 10,000 shares of the company’s stock in a transaction that occurred 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 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 position. The disclosure for this sale can be found here. Insiders sold a total of 48,302 shares of company stock valued at $286,501 in the last 90 days. Corporate insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Several institutional investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new position in shares of Priority Technology during the 1st quarter valued at approximately $50,000. Williams & Novak LLC purchased a new stake in shares of Priority Technology in the second quarter worth $77,000. State Board of Administration of Florida Retirement System bought a new stake in shares of Priority Technology during the 1st quarter valued at $91,000. BNP Paribas Financial Markets lifted its stake 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 valued at $109,000 after buying an additional 6,096 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Priority Technology in the 3rd quarter worth $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.