Priority Technology (NASDAQ:PRTH) Shares Gap Up – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH) gapped up prior to trading 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.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports 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 raised shares of Priority Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $10.00 to $14.00 in a research report on Thursday. Finally, B. Riley boosted their target price on shares of Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, November 25th.

Priority Technology Stock Up 2.9 %

The firm has a market cap of $688.16 million, a price-to-earnings ratio of -21.22 and a beta of 1.17. The company has a 50 day moving average of $9.66 and a 200 day moving average of $7.08.

Insiders Place Their Bets

In related news, insider Sean Kiewiet sold 170,596 shares of Priority Technology stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $10.60, for a total value of $1,808,317.60. Following the completion of the sale, the insider now owns 711,853 shares in the company, valued at approximately $7,545,641.80. The trade was a 19.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 231,215 shares of company stock worth $2,360,486 in the last three months. 76.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC bought a new position in shares of Priority Technology during the third quarter worth about $91,000. BNP Paribas Financial Markets raised 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 worth $109,000 after acquiring an additional 6,096 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Priority Technology in the third quarter worth about $112,000. Jane Street Group LLC boosted its stake in Priority Technology by 6.1% in the third quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock valued at $153,000 after acquiring an additional 1,293 shares during the period. Finally, Barclays PLC grew its holdings in shares of 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 purchasing an additional 18,741 shares during the last quarter. 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.