Priority Technology (NASDAQ:PRTH) Hits New 1-Year High – Here’s What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $12.47 and last traded at $12.23, with a volume of 283172 shares trading hands. The stock had previously closed at $12.07.

Analysts Set New Price Targets

Several research analysts have commented on the company. Keefe, Bruyette & Woods upgraded Priority Technology from a “market perform” rating to an “outperform” rating and raised their target price 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 company a “buy” rating in a research report on Monday, November 25th. Finally, Lake Street Capital upped their target price on shares of Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 22nd.

Priority Technology Stock Down 11.7 %

The firm has a market capitalization of $805.95 million, a PE ratio of -24.86 and a beta of 1.17. The company has a 50-day moving average of $10.31 and a 200 day moving average of $7.93.

Insider Transactions at Priority Technology

In other Priority Technology news, insider Sean Kiewiet sold 22,178 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $10.01, for a total transaction of $222,001.78. Following the sale, the insider now owns 1,009,675 shares in the company, valued at $10,106,846.75. This trade represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas Charles Priore sold 294,167 shares of Priority Technology stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $7.44, for a total value of $2,188,602.48. Following the sale, the chief executive officer now directly owns 34,025,319 shares of the company’s stock, valued at approximately $253,148,373.36. This trade represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,343,646 shares of company stock valued at $40,419,456. 76.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Priority Technology

Institutional investors have recently modified their holdings of the company. Steamboat Capital Partners LLC purchased a new stake in Priority Technology in the fourth quarter worth approximately $9,382,000. Invesco Ltd. bought a new stake in shares of Priority Technology in the 4th quarter worth approximately $4,883,000. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 21,598 shares in the last quarter. Divisadero Street Capital Management LP bought a new position in shares of Priority Technology during the 4th quarter valued at $4,524,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Priority Technology by 405.6% during the 4th quarter. Renaissance Technologies LLC now owns 242,200 shares of the company’s stock valued at $2,846,000 after purchasing an additional 194,300 shares during the last quarter. 11.52% of the stock is currently 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.