Priority Technology Holdings, Inc. (NASDAQ:PRTH) Sees Large Decrease in Short Interest

Priority Technology Holdings, Inc. (NASDAQ:PRTH) was the recipient of a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 698,800 shares, a drop of 13.7% from the December 15th total of 809,700 shares. Approximately 5.0% of the company’s shares are short sold. Based on an average trading volume of 246,700 shares, the days-to-cover ratio is currently 2.8 days.

Analyst Ratings Changes

Several equities analysts have weighed in on PRTH shares. 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 research note on Friday, November 22nd. Keefe, Bruyette & Woods upgraded shares of Priority Technology from a “market perform” rating to an “outperform” rating and increased their price target for the company from $10.00 to $14.00 in a research report on Thursday. Finally, B. Riley boosted their price objective on shares of Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a report on Monday, November 25th.

Priority Technology Stock Up 7.4 %

Priority Technology stock traded up $0.60 during mid-day trading on Thursday, hitting $8.66. 5,291,674 shares of the company’s stock were exchanged, compared to its average volume of 915,807. Priority Technology has a fifty-two week low of $2.82 and a fifty-two week high of $12.44. The firm has a market capitalization of $668.55 million, a P/E ratio of -20.62 and a beta of 1.17. The company’s 50 day simple moving average is $9.62 and its 200-day simple moving average is $7.07.

Insider Buying and Selling at Priority Technology

In other news, insider Sean Kiewiet sold 22,178 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $10.01, for a total value of $222,001.78. Following the transaction, the insider now owns 1,009,675 shares of the company’s stock, valued at $10,106,846.75. This represents a 2.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have sold 231,215 shares of company stock valued at $2,360,486. 76.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Priority Technology

Several institutional investors have recently modified their holdings of PRTH. Rebalance LLC bought a new stake in Priority Technology during the 3rd quarter worth approximately $4,822,000. Jane Street Group LLC boosted its position in shares of Priority Technology by 6.1% during the third 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 during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Priority Technology by 15.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after buying an additional 7,719 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Priority Technology in the 2nd quarter valued at approximately $202,000. Finally, Geode Capital Management LLC lifted its stake in 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 acquiring an additional 21,598 shares in the last quarter. Institutional investors own 11.52% of the company’s stock.

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.