Priority Technology (NASDAQ:PRTH) Hits New 52-Week High After Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price hit a new 52-week high during trading on Monday after B. Riley raised their price target on the stock from $13.00 to $16.00. B. Riley currently has a buy rating on the stock. Priority Technology traded as high as $9.85 and last traded at $9.49, with a volume of 70188 shares traded. The stock had previously closed at $8.02.

A number of other equities research analysts have also commented on the company. Lake Street Capital raised their price objective on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday. Keefe, Bruyette & Woods raised their price target on shares of Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Friday.

Insider Activity at Priority Technology

In related news, CAO Rajiv Kumar sold 10,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.13, for a total value of $61,300.00. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sean Kiewiet sold 11,664 shares of the 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 in the company, valued at $7,095,795.34. The trade was a 1.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,302 shares of company stock valued at $286,501. Insiders own 76.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC grew its holdings 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 purchasing an additional 1,293 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Priority Technology by 61.7% in the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock worth $109,000 after buying an additional 6,096 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Priority Technology by 15.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after buying an additional 7,719 shares during the period. Pekin Hardy Strauss Inc. grew its stake in Priority Technology by 17.0% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock valued at $455,000 after buying an additional 9,675 shares during the last quarter. Finally, Corsair Capital Management L.P. raised its holdings in Priority Technology by 10.5% in the 3rd quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock worth $720,000 after acquiring an additional 10,000 shares during the period. 11.52% of the stock is owned by institutional investors.

Priority Technology Trading Up 9.0 %

The stock has a market cap of $674.47 million, a P/E ratio of -20.81 and a beta of 1.01. The firm’s fifty day moving average is $6.68 and its 200 day moving average is $5.56.

Priority Technology Company Profile

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.