Priority Technology (NASDAQ:PRTH) Shares Down 6.8% – Here’s Why

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) were down 6.8% during mid-day trading on Friday . The stock traded as low as $10.89 and last traded at $11.03. Approximately 135,998 shares changed hands during mid-day trading, an increase of 56% from the average daily volume of 86,951 shares. The stock had previously closed at $11.84.

Analyst Ratings Changes

A number of equities research analysts have commented on PRTH shares. Keefe, Bruyette & Woods lifted their target price on shares of Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a research report on Friday, November 22nd. B. Riley lifted their price objective on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Lake Street Capital increased their target price on Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd.

Priority Technology Stock Down 6.9 %

The firm has a market capitalization of $850.72 million, a PE ratio of -26.24 and a beta of 1.19. The stock’s fifty day simple moving average is $8.22 and its 200 day simple moving average is $6.49.

Insider Activity

In other news, insider Sean Kiewiet sold 4,483 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $6.00, for a total value of $26,898.00. Following the transaction, the insider now owns 1,065,158 shares of the company’s stock, valued at $6,390,948. This trade represents a 0.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 76,766 shares of company stock valued at $656,166 in the last 90 days. Company insiders own 76.30% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in shares of Priority Technology in the third quarter worth approximately $91,000. BNP Paribas Financial Markets lifted its stake in shares of Priority Technology by 61.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock valued at $109,000 after buying an additional 6,096 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Priority Technology in the 3rd quarter worth $112,000. Jane Street Group LLC increased its stake in Priority Technology by 6.1% in the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock worth $153,000 after buying an additional 1,293 shares in the last quarter. Finally, Barclays PLC raised its holdings in Priority Technology by 255.9% during the third quarter. Barclays PLC now owns 26,064 shares of the company’s stock valued at $178,000 after acquiring an additional 18,741 shares during the period. 11.52% of the stock is owned by hedge funds and other institutional investors.

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.