Priority Technology (NASDAQ:PRTH) Stock Price Up 17.2% – Time to Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price shot up 17.2% during mid-day trading on Wednesday . The stock traded as high as $6.63 and last traded at $6.60. 81,298 shares were traded during mid-day trading, an increase of 65% from the average session volume of 49,195 shares. The stock had previously closed at $5.63.

Wall Street Analysts Forecast Growth

PRTH has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target on Priority Technology from $4.50 to $5.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. B. Riley boosted their target price on Priority Technology from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Monday, September 23rd.

Priority Technology Stock Performance

The firm has a market cap of $510.15 million, a P/E ratio of -10.22 and a beta of 1.01. The business’s 50-day simple moving average is $6.09 and its 200 day simple moving average is $5.10.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.12) earnings per share (EPS) for the quarter. Priority Technology had a net margin of 0.74% and a negative return on equity of 9.60%. The firm had revenue of $219.87 million for the quarter.

Insiders Place Their Bets

In other Priority Technology news, CAO Rajiv Kumar sold 10,000 shares of Priority Technology stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $6.13, for a total transaction of $61,300.00. Following the transaction, the chief accounting officer now owns 11,587 shares of the company’s stock, valued at $71,028.31. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Priority Technology news, CAO Rajiv Kumar sold 10,000 shares of the stock in a transaction on 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 sale, the chief accounting officer now owns 11,587 shares in the company, valued at approximately $71,028.31. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sean Kiewiet sold 11,664 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $6.61, for a total value of $77,099.04. Following the completion of the transaction, the insider now owns 1,073,494 shares in the company, valued at $7,095,795.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 64,498 shares of company stock worth $368,761 over the last quarter. 76.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Priority Technology

Several hedge funds have recently bought and sold shares of PRTH. State Board of Administration of Florida Retirement System bought a new stake in Priority Technology in the 1st quarter worth approximately $91,000. Vanguard Group Inc. raised its stake in Priority Technology by 25.7% during the first quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock valued at $2,494,000 after purchasing an additional 156,044 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Priority Technology during the first quarter valued at $164,000. Virtu Financial LLC purchased a new position in shares of Priority Technology in the 1st quarter worth $50,000. Finally, Williams & Novak LLC bought a new stake in shares of Priority Technology in the 2nd quarter worth about $77,000. Hedge funds and other institutional investors 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.