Priority Technology (NASDAQ:PRTH) Stock Price Down 5.7% – Should You Sell?

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) were down 5.7% during trading on Tuesday . The stock traded as low as $7.60 and last traded at $7.59. Approximately 229,118 shares changed hands during trading, a decline of 67% from the average daily volume of 691,028 shares. The stock had previously closed at $8.05.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PRTH. TD Cowen upgraded Priority Technology to a “strong-buy” rating in a research report on Tuesday, March 18th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $12.00 target price (down previously from $14.00) on shares of Priority Technology in a research note on Friday, March 7th. Finally, B. Riley increased their price target on shares of Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, November 25th.

Priority Technology Stock Down 5.6 %

The company has a fifty day moving average of $9.47 and a 200 day moving average of $8.49. The company has a market cap of $604.34 million, a P/E ratio of -18.10 and a beta of 0.99.

Insider Transactions at Priority Technology

In other Priority Technology news, CEO Thomas Charles Priore sold 294,167 shares of the business’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 transaction of $2,188,602.48. Following the sale, the chief executive officer now directly owns 34,025,319 shares of the company’s stock, valued at $253,148,373.36. The trade was a 0.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Ranjana Ram sold 6,615 shares of Priority Technology stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total transaction of $49,215.60. Following the transaction, the chief operating officer now directly owns 686,389 shares of the company’s stock, valued at $5,106,734.16. The trade was a 0.95 % 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 valued at $38,110,887 over the last three months. Corporate insiders own 76.30% of the company’s stock.

Institutional Trading of Priority Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRTH. Steamboat Capital Partners LLC purchased a new stake in shares of Priority Technology during the fourth quarter valued at $9,382,000. Invesco Ltd. bought a new stake in shares of Priority Technology during the fourth quarter valued at approximately $4,883,000. Divisadero Street Capital Management LP bought a new position in Priority Technology in the fourth quarter worth approximately $4,524,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Priority Technology in the 4th quarter worth $2,471,000. Finally, Renaissance Technologies LLC increased its stake in shares of Priority Technology by 405.6% during the fourth quarter. Renaissance Technologies LLC now owns 242,200 shares of the company’s stock valued at $2,846,000 after buying an additional 194,300 shares during the period. 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.