Priority Technology (NASDAQ:PRTH) Sees Unusually-High Trading Volume – Still a Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) saw strong trading volume on Wednesday . 76,116 shares traded hands during trading, an increase of 19% from the previous session’s volume of 64,047 shares.The stock last traded at $9.57 and had previously closed at $10.02.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Lake Street Capital increased their price objective on Priority Technology from $8.00 to $13.00 and gave the stock 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 report on Monday. Finally, Keefe, Bruyette & Woods increased their price objective on Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Friday, November 22nd.

Priority Technology Price Performance

The business has a 50-day simple moving average of $6.89 and a two-hundred day simple moving average of $5.66.

Insiders Place Their Bets

In other news, insider Sean Kiewiet sold 11,664 shares of Priority Technology stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $6.61, for a total value of $77,099.04. Following the transaction, the insider now directly owns 1,073,494 shares in the company, valued at approximately $7,095,795.34. The trade was a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Rajiv Kumar sold 10,000 shares of Priority Technology stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.13, for a total value of $61,300.00. Following the completion of the transaction, the chief accounting officer now owns 11,587 shares in the company, valued at $71,028.31. The trade was a 46.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,302 shares of company stock valued at $286,501 over the last quarter. Insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Institutional investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new position in shares of Priority Technology in the first quarter worth about $50,000. Williams & Novak LLC bought a new position in shares of Priority Technology in the second quarter worth about $77,000. State Board of Administration of Florida Retirement System bought a new position in shares of Priority Technology in the first quarter worth about $91,000. BNP Paribas Financial Markets increased 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 valued at $109,000 after acquiring an additional 6,096 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Priority Technology during the third quarter valued at about $112,000. 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.