Priority Technology (NASDAQ:PRTH) Stock Price Expected to Rise, B. Riley Analyst Says

Priority Technology (NASDAQ:PRTH) had its target price lifted by analysts at B. Riley from $13.00 to $16.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price objective indicates a potential upside of 87.35% from the stock’s previous close.

Several other analysts have also issued reports on PRTH. Keefe, Bruyette & Woods upped 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 note on Friday. Lake Street Capital boosted their price target on shares of Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday.

Priority Technology Trading Up 6.5 %

Shares of NASDAQ:PRTH traded up $0.52 during mid-day trading on Monday, hitting $8.54. 288,041 shares of the company traded hands, compared to its average volume of 60,196. The stock has a market cap of $659.03 million, a P/E ratio of -20.48 and a beta of 1.01. The stock has a 50-day moving average price of $6.63 and a two-hundred day moving average price of $5.52. Priority Technology has a 12-month low of $2.79 and a 12-month high of $9.85.

Insiders Place Their Bets

In other news, insider Sean Kiewiet sold 4,954 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.41, for a total transaction of $26,801.14. Following the completion of the sale, the insider now owns 1,085,158 shares in the company, valued at $5,870,704.78. This trade represents a 0.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Rajiv Kumar sold 10,000 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.13, for a total value of $61,300.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,302 shares of company stock valued at $286,501. Insiders own 76.30% of the company’s stock.

Institutional Trading of Priority Technology

A number of institutional investors have recently modified their holdings of PRTH. Virtu Financial LLC purchased a new stake in Priority Technology during the 3rd quarter worth about $91,000. Williams & Novak LLC bought a new position in shares of Priority Technology in the second quarter valued at approximately $77,000. BNP Paribas Financial Markets grew its stake in Priority Technology by 61.7% during the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock valued at $109,000 after acquiring an additional 6,096 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Priority Technology during the 3rd quarter worth approximately $112,000. Finally, Jane Street Group LLC lifted 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 purchasing an additional 1,293 shares in the last quarter. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

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.