Priority Technology (NASDAQ:PRTH) Stock Price Down 4.6% Following Insider Selling

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares dropped 4.6% on Thursday following insider selling activity. The company traded as low as $9.04 and last traded at $9.04. Approximately 180,158 shares changed hands during trading, a decline of 80% from the average daily volume of 887,866 shares. The stock had previously closed at $9.47.

Specifically, CEO Thomas Charles Priore sold 105,833 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total transaction of $787,397.52. Following the completion of the transaction, the chief executive officer now directly owns 33,919,486 shares in the company, valued at $252,360,975.84. This represents a 0.31 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Charles Priore sold 294,167 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $7.44, for a total transaction of $2,188,602.48. Following the completion of the sale, the chief executive officer now owns 34,025,319 shares in the company, valued at $253,148,373.36. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, COO Ranjana Ram sold 6,615 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total transaction of $49,215.60. Following the completion of the transaction, the chief operating officer now owns 686,389 shares of the company’s stock, valued at approximately $5,106,734.16. This represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Lake Street Capital lifted 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. B. Riley lifted their price objective on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Keefe, Bruyette & Woods upgraded Priority Technology from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $10.00 to $14.00 in a research report on Thursday, January 16th.

Priority Technology Trading Down 4.6 %

The business’s fifty day moving average price is $9.76 and its 200 day moving average price is $7.21. The company has a market capitalization of $697.12 million, a P/E ratio of -21.55 and a beta of 1.17.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.12. Priority Technology had a net margin of 1.96% and a negative return on equity of 15.86%. The firm had revenue of $227.05 million during the quarter, compared to analysts’ expectations of $221.15 million. During the same quarter last year, the company earned ($0.16) earnings per share. Equities research analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 EPS for the current year.

Institutional Trading of Priority Technology

Several institutional investors have recently bought and sold shares of the stock. Jane Street Group LLC grew its stake in 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 last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Priority Technology by 61.7% in the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Priority Technology by 15.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after acquiring an additional 7,719 shares in the last quarter. SG Americas Securities LLC bought a new stake in Priority Technology during the 4th quarter worth approximately $100,000. Finally, Pekin Hardy Strauss Inc. increased its holdings in Priority Technology by 17.0% during the 3rd quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock valued at $455,000 after purchasing an additional 9,675 shares in the last quarter. Institutional investors and hedge funds 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.