Priority Technology (NASDAQ:PRTH) Hits New 52-Week High – Should You Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $7.80 and last traded at $7.54, with a volume of 61595 shares traded. The stock had previously closed at $6.64.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PRTH. B. Riley lifted their price target on Priority Technology from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $9.00 price objective (up from $5.00) on shares of Priority Technology in a research note on Friday.

Priority Technology Stock Performance

The company has a fifty day moving average of $6.12 and a two-hundred day moving average of $5.14. The company has a market cap of $537.04 million, a PE ratio of -10.75 and a beta of 1.01.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.12) earnings per share (EPS) for the quarter. Priority Technology had a negative return on equity of 9.60% and a net margin of 0.74%. The firm had revenue of $219.87 million for the quarter.

Insider Transactions at Priority Technology

In other news, CAO Rajiv Kumar sold 10,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.13, for a total value of $61,300.00. Following the completion of the transaction, the chief accounting officer now directly owns 11,587 shares in the company, valued at $71,028.31. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Priority Technology news, CAO Rajiv Kumar sold 10,000 shares of the firm’s 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 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean Kiewiet sold 7,201 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $5.90, for a total value of $42,485.90. Following the completion of the sale, the insider now directly owns 1,094,652 shares in the company, valued at approximately $6,458,446.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 64,498 shares of company stock worth $368,761 over the last three months. 76.30% of the stock is currently owned by insiders.

Institutional Trading of Priority Technology

Institutional investors have recently made changes to their positions in the company. Williams & Novak LLC acquired a new stake in shares of Priority Technology in the second quarter worth approximately $77,000. Virtu Financial LLC acquired a new position in Priority Technology during the first quarter worth $50,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Priority Technology during the third quarter worth $112,000. State Board of Administration of Florida Retirement System acquired a new position in Priority Technology during the first quarter worth $91,000. Finally, Renaissance Technologies LLC acquired a new position in Priority Technology during the second quarter worth $202,000. 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.