Priority Technology (NASDAQ:PRTH) Shares Gap Down – Should You Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $8.06, but opened at $7.75. Priority Technology shares last traded at $7.71, with a volume of 1,095,493 shares trading hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PRTH shares. B. Riley raised their price objective on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Keefe, Bruyette & Woods raised their target price on Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a research note on Friday, November 22nd. Finally, Lake Street Capital raised their target price on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd.

Priority Technology Price Performance

The company has a market capitalization of $595.98 million, a P/E ratio of -18.38 and a beta of 1.17. The company has a 50 day moving average of $9.59 and a 200-day moving average of $7.06.

Insiders Place Their Bets

In other Priority Technology news, insider Sean Kiewiet sold 5,700 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $5.11, for a total value of $29,127.00. Following the completion of the sale, the insider now directly owns 1,055,158 shares in the company, valued at $5,391,857.38. This trade represents a 0.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold 231,215 shares of company stock worth $2,360,486 over the last three months. Company insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

Several large investors have recently made changes to their positions in PRTH. Renaissance Technologies LLC purchased a new position in shares of Priority Technology during the second quarter valued at approximately $202,000. Pekin Hardy Strauss Inc. purchased a new position in shares of Priority Technology during the second quarter valued at approximately $301,000. Rebalance LLC purchased a new position in shares of Priority Technology during the third quarter valued at approximately $4,822,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Priority Technology during the third quarter valued at approximately $112,000. Finally, Charles Schwab Investment Management Inc. lifted 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 purchasing an additional 7,719 shares during the last quarter. 11.52% of the stock is currently owned by hedge funds and other 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.