Priority Technology (NASDAQ:PRTH) Shares Down 6.9% – Here’s What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price traded down 6.9% during mid-day trading on Friday . The stock traded as low as $10.94 and last traded at $11.01. 197,140 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 713,290 shares. The stock had previously closed at $11.82.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upgraded shares of Priority Technology from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $10.00 to $14.00 in a research note on Thursday, January 16th. B. Riley raised their price objective on shares of Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, 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.

Priority Technology Stock Down 10.0 %

The stock has a market capitalization of $821.46 million, a P/E ratio of -25.36 and a beta of 1.17. The firm has a 50-day moving average of $10.31 and a 200 day moving average of $7.93.

Insider Buying and Selling

In other Priority Technology news, COO Ranjana Ram sold 18,385 shares of Priority Technology stock in a transaction on Friday, January 17th. The stock was sold at an average price of $7.44, for a total transaction of $136,784.40. Following the completion of the transaction, the chief operating officer now directly owns 693,004 shares of the company’s stock, valued at approximately $5,155,949.76. This trade represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John Vito Priore sold 3,454,575 shares of Priority Technology stock in a transaction on Friday, January 17th. The shares were sold at an average price of $7.44, for a total value of $25,702,038.00. Following the transaction, the director now directly owns 5,314,430 shares of the company’s stock, valued at approximately $39,539,359.20. The trade was a 39.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,343,646 shares of company stock valued at $40,419,456 over the last ninety days. 76.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PRTH. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Priority Technology during the third quarter valued at $112,000. Charles Schwab Investment Management Inc. lifted 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 valued at $386,000 after acquiring an additional 7,719 shares during the period. Pekin Hardy Strauss Inc. raised its holdings in shares of Priority Technology by 17.0% in the third quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock valued at $455,000 after buying an additional 9,675 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Priority Technology by 61.7% in the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock valued at $109,000 after buying an additional 6,096 shares during the last quarter. Finally, Corsair Capital Management L.P. raised its holdings in shares of Priority Technology by 10.5% in the third quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock valued at $720,000 after buying an additional 10,000 shares during the last quarter. 11.52% of the stock is owned by 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.