Priority Technology (NASDAQ:PRTH) Trading 2.8% Higher – Here’s Why

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) were up 2.8% during trading on Monday . The stock traded as high as $6.92 and last traded at $6.94. Approximately 171,796 shares changed hands during mid-day trading, a decline of 31% from the average daily volume of 249,665 shares. The stock had previously closed at $6.75.

Wall Street Analysts Forecast Growth

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

Priority Technology Stock Performance

The firm has a market capitalization of $542.32 million, a price-to-earnings ratio of -16.42 and a beta of 0.99. The company has a 50 day moving average price of $9.35 and a two-hundred day moving average price of $8.54.

Insider Buying and Selling at Priority Technology

In related news, Director John Vito Priore sold 1,242,856 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total value of $9,246,848.64. Following the completion of the sale, the director now owns 4,071,574 shares of the company’s stock, valued at approximately $30,292,510.56. This trade represents a 23.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, the chief operating officer now owns 693,004 shares in the company, valued at approximately $5,155,949.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,122,431 shares of company stock valued at $38,110,887 over the last ninety days. Corporate insiders own 76.30% of the company’s stock.

Institutional Trading of Priority Technology

Several institutional investors and hedge funds have recently bought and sold shares of PRTH. Jane Street Group LLC lifted its stake in Priority Technology by 6.1% during the third quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock worth $153,000 after purchasing an additional 1,293 shares in the last quarter. Rhumbline Advisers lifted its stake in Priority Technology by 9.0% during the 4th quarter. Rhumbline Advisers now owns 23,706 shares of the company’s stock worth $279,000 after acquiring an additional 1,964 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Priority Technology by 53.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock valued at $101,000 after acquiring an additional 3,006 shares during the period. Barclays PLC grew its position in Priority Technology by 11.8% in the 4th quarter. Barclays PLC now owns 29,127 shares of the company’s stock valued at $342,000 after acquiring an additional 3,063 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Priority Technology by 12.4% during the fourth quarter. Bank of New York Mellon Corp now owns 39,693 shares of the company’s stock worth $466,000 after purchasing an additional 4,366 shares during the period. 11.52% of the stock is currently 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.