Priority Technology (NASDAQ:PRTH) Trading Up 7.8% Following Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price was up 7.8% during mid-day trading on Tuesday 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 $9.43 and last traded at $9.42. Approximately 49,044 shares traded hands during trading, a decline of 20% from the average daily volume of 61,321 shares. The stock had previously closed at $8.74.

A number of other research analysts have also weighed in on the company. Keefe, Bruyette & Woods increased their price target on Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. Lake Street Capital increased 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.

Insider Buying and Selling

In other news, insider Sean Kiewiet sold 7,201 shares of Priority Technology stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $5.90, for a total value of $42,485.90. Following the transaction, the insider now directly owns 1,094,652 shares of the company’s stock, valued at $6,458,446.80. The trade was a 0.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, 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 transaction of $61,300.00. Following the sale, the chief accounting officer now directly owns 11,587 shares of the company’s stock, valued at approximately $71,028.31. This trade represents a 46.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, 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

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Priority Technology by 25.7% in the first quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock valued at $2,494,000 after buying an additional 156,044 shares in the last quarter. Rebalance LLC purchased a new stake in shares of Priority Technology during the third quarter valued at approximately $4,822,000. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Priority Technology during the first quarter valued at approximately $164,000. Renaissance Technologies LLC acquired a new position in shares of Priority Technology during the second quarter worth $202,000. Finally, State Board of Administration of Florida Retirement System purchased a new position in shares of Priority Technology in the first quarter valued at $91,000. 11.52% of the stock is owned by hedge funds and other institutional investors.

Priority Technology Stock Performance

The firm has a market capitalization of $776.33 million, a price-to-earnings ratio of -23.95 and a beta of 1.01. The stock’s fifty day moving average is $6.82 and its two-hundred day moving average is $5.63.

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.