Priority Technology (NASDAQ:PRTH) Shares Gap Up – Should You Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price gapped up before the market opened on Friday . The stock had previously closed at $8.66, but opened at $9.00. Priority Technology shares last traded at $8.94, with a volume of 391,855 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. B. Riley increased their target price on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a report on Monday, November 25th. Lake Street Capital raised 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, Keefe, Bruyette & Woods raised Priority Technology from a “market perform” rating to an “outperform” rating and upped their price target for the company from $10.00 to $14.00 in a report on Thursday.

Priority Technology Price Performance

The firm’s 50 day simple moving average is $9.70 and its 200-day simple moving average is $7.11. The company has a market cap of $687.08 million, a price-to-earnings ratio of -21.19 and a beta of 1.17.

Insider Activity at Priority Technology

In other Priority Technology news, insider Sean Kiewiet sold 5,700 shares of Priority Technology stock in a transaction on Monday, November 4th. The shares were sold at an average price of $5.11, for a total value of $29,127.00. Following the transaction, the insider now directly owns 1,055,158 shares in the company, valued at approximately $5,391,857.38. The trade was a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 231,215 shares of company stock valued at $2,360,486 in the last three months. 76.30% of the stock is currently owned by company insiders.

Institutional Trading of Priority Technology

Hedge funds have recently added to or reduced their stakes in the stock. Rebalance LLC purchased a new stake in Priority Technology in the 3rd quarter valued at approximately $4,822,000. Renaissance Technologies LLC purchased a new stake in shares of Priority Technology during the 2nd quarter worth $202,000. JPMorgan Chase & Co. grew its stake in shares of Priority Technology by 273.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 33,900 shares of the company’s stock worth $232,000 after purchasing an additional 24,811 shares during the period. Geode Capital Management LLC increased its holdings in shares of Priority Technology by 5.8% in the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock valued at $2,707,000 after purchasing an additional 21,598 shares in the last quarter. Finally, Barclays PLC lifted its stake in shares of Priority Technology by 255.9% in the third quarter. Barclays PLC now owns 26,064 shares of the company’s stock valued at $178,000 after purchasing an additional 18,741 shares during the period. 11.52% of the stock is owned by institutional investors and hedge funds.

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.