Priority Technology (NASDAQ:PRTH) Raised to “Strong-Buy” at TD Cowen

Priority Technology (NASDAQ:PRTH) was upgraded by TD Cowen to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

PRTH has been the subject of several other reports. B. Riley upped their target price on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $12.00 price target (down previously from $14.00) on shares of Priority Technology in a research report on Friday, March 7th. Finally, Lake Street Capital lifted their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd.

Priority Technology Stock Performance

Priority Technology stock opened at $7.91 on Tuesday. The company has a market capitalization of $629.00 million, a PE ratio of -18.83 and a beta of 0.99. The company has a 50 day moving average price of $9.62 and a 200-day moving average price of $8.43. Priority Technology has a fifty-two week low of $2.82 and a fifty-two week high of $12.47.

Insider Buying and Selling at Priority Technology

In related news, Director John Vito Priore sold 3,454,575 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $7.44, for a total transaction of $25,702,038.00. Following the completion of the sale, the director now owns 5,314,430 shares of the company’s stock, valued at $39,539,359.20. This represents a 39.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sean Kiewiet sold 170,596 shares of Priority Technology stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $10.60, for a total transaction of $1,808,317.60. Following the completion of the transaction, the insider now directly owns 711,853 shares in the company, valued at $7,545,641.80. This represents a 19.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,293,027 shares of company stock worth $39,919,204 over the last quarter. Insiders own 76.30% of the company’s stock.

Institutional Trading of Priority Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Priority Technology during the 3rd quarter valued at about $112,000. Charles Schwab Investment Management Inc. increased 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 in the last quarter. Pekin Hardy Strauss Inc. raised its position in shares of Priority Technology by 17.0% in 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 during the last quarter. BNP Paribas Financial Markets boosted its stake in 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 purchasing an additional 6,096 shares in the last quarter. Finally, Corsair Capital Management L.P. grew its position in Priority Technology by 10.5% during the 3rd quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock worth $720,000 after purchasing an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 11.52% of the company’s stock.

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.