Priority Technology (NASDAQ:PRTH) Shares Up 5.8% – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price rose 5.8% during mid-day trading on Monday . The stock traded as high as $9.09 and last traded at $9.09. Approximately 128,629 shares traded hands during mid-day trading, an increase of 59% from the average daily volume of 80,814 shares. The stock had previously closed at $8.59.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PRTH. Lake Street Capital lifted their price objective on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. B. Riley lifted their price target 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 increased their price objective on Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Friday, November 22nd.

Priority Technology Price Performance

The firm has a market cap of $695.55 million, a P/E ratio of -21.45 and a beta of 1.20. The company’s 50 day moving average is $7.79 and its two-hundred day moving average is $6.27.

Insider Transactions at Priority Technology

In related news, insider Sean Kiewiet sold 4,483 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $6.00, for a total value of $26,898.00. Following the completion of the transaction, the insider now owns 1,065,158 shares of the company’s stock, valued at $6,390,948. This represents a 0.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 76,766 shares of company stock valued at $656,166. 76.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Priority Technology

Several large investors have recently modified their holdings of the stock. Virtu Financial LLC acquired a new stake in shares of Priority Technology in the 3rd quarter valued at $91,000. BNP Paribas Financial Markets grew 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 buying an additional 6,096 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Priority Technology during the third quarter worth approximately $112,000. Jane Street Group LLC raised its stake in shares of 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 last quarter. Finally, Barclays PLC boosted its holdings in shares of Priority Technology by 255.9% in the 3rd quarter. Barclays PLC now owns 26,064 shares of the company’s stock worth $178,000 after acquiring an additional 18,741 shares in 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.