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

Priority Technology Holdings, Inc. (NASDAQ:PRTH) gapped down before the market opened on Thursday . The stock had previously closed at $8.06, but opened at $7.75. Priority Technology shares last traded at $7.71, with a volume of 1,095,493 shares changing hands.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Lake Street Capital increased their price objective on Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd. B. Riley increased their price objective on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Keefe, Bruyette & Woods upgraded Priority Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $10.00 to $14.00 in a research report on Thursday.

Priority Technology Price Performance

The stock has a 50 day moving average of $9.70 and a 200 day moving average of $7.11. The firm has a market cap of $687.08 million, a P/E ratio of -21.19 and a beta of 1.17.

Insider Activity

In related 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 value of $222,001.78. Following the sale, the insider now directly owns 1,009,675 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through this link. Over the last three months, insiders have sold 231,215 shares of company stock valued at $2,360,486. 76.30% of the stock is currently owned by insiders.

Institutional Trading of Priority Technology

Large investors have recently modified their holdings of the business. Virtu Financial LLC purchased a new stake in Priority Technology in the third quarter worth about $91,000. SG Americas Securities LLC purchased a new stake in Priority Technology in the fourth quarter worth about $100,000. BNP Paribas Financial Markets lifted its holdings in Priority Technology by 61.7% in the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock worth $109,000 after buying an additional 6,096 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Priority Technology in the third quarter worth about $112,000. Finally, Jane Street Group LLC lifted its holdings in Priority Technology by 6.1% in 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. 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.