Priority Technology (NASDAQ:PRTH) Shares Down 6.9% – Should You Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares fell 6.9% on Friday . The company traded as low as $10.94 and last traded at $11.01. 197,140 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 713,290 shares. The stock had previously closed at $11.82.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRTH. Keefe, Bruyette & Woods upgraded Priority Technology from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $10.00 to $14.00 in a research report on Thursday, January 16th. Lake Street Capital upped their target price on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Finally, B. Riley upped their target price on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, November 25th.

Priority Technology Stock Performance

The firm has a market capitalization of $805.97 million, a P/E ratio of -24.86 and a beta of 1.17. The firm has a 50 day moving average price of $10.34 and a two-hundred day moving average price of $7.99.

Insider Activity at Priority Technology

In related news, CEO Thomas Charles Priore sold 294,167 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $7.44, for a total value of $2,188,602.48. Following the completion of the sale, the chief executive officer now owns 34,025,319 shares in the company, valued at approximately $253,148,373.36. This represents a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Vito Priore sold 1,242,856 shares of Priority Technology stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total transaction of $9,246,848.64. Following the transaction, the director now owns 4,071,574 shares in the company, valued at approximately $30,292,510.56. The trade was a 23.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,343,646 shares of company stock worth $40,419,456 in the last quarter. 76.30% of the stock is owned by company insiders.

Institutional Trading of Priority Technology

A number of hedge funds have recently modified their holdings of PRTH. Jane Street Group LLC raised its position in Priority Technology by 6.1% during the third quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock valued at $153,000 after buying an additional 1,293 shares during the period. Rhumbline Advisers boosted its position 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 during the period. Wells Fargo & Company MN boosted its position in Priority Technology by 53.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock worth $101,000 after acquiring an additional 3,006 shares during the period. Barclays PLC boosted its position in Priority Technology by 11.8% during the 4th quarter. Barclays PLC now owns 29,127 shares of the company’s stock worth $342,000 after acquiring an additional 3,063 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Priority Technology by 12.4% during the 4th quarter. Bank of New York Mellon Corp now owns 39,693 shares of the company’s stock worth $466,000 after acquiring an additional 4,366 shares during the period. Hedge funds and other 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.