Priority Technology (NASDAQ:PRTH) Stock Rating Upgraded by TD Cowen

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

Several other equities research analysts have also commented on PRTH. Lake Street Capital upped their price target on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. B. Riley increased their price target on shares of 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 reissued an “outperform” rating and set a $12.00 price objective (down previously from $14.00) on shares of Priority Technology in a research report on Friday, March 7th.

Priority Technology Price Performance

Shares of PRTH opened at $7.91 on Tuesday. Priority Technology has a one year low of $2.82 and a one year high of $12.47. The business has a fifty day moving average of $9.62 and a 200 day moving average of $8.43. The firm has a market capitalization of $629.00 million, a P/E ratio of -18.83 and a beta of 0.99.

Insiders Place Their Bets

In other Priority Technology news, CEO Thomas Charles Priore sold 294,167 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $7.44, for a total transaction of $2,188,602.48. Following the sale, the chief executive officer now directly owns 34,025,319 shares of the company’s stock, valued at $253,148,373.36. This trade represents a 0.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Vito Priore sold 1,242,856 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total value of $9,246,848.64. Following the completion of the transaction, the director now directly owns 4,071,574 shares of the company’s stock, valued at approximately $30,292,510.56. This trade represents a 23.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,293,027 shares of company stock worth $39,919,204 over the last three months. 76.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRTH. Jane Street Group LLC lifted its holdings 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 worth $153,000 after buying an additional 1,293 shares in the last quarter. Rhumbline Advisers increased its holdings in Priority Technology by 9.0% in the 4th quarter. Rhumbline Advisers now owns 23,706 shares of the company’s stock valued at $279,000 after acquiring an additional 1,964 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Priority Technology by 53.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock worth $101,000 after purchasing an additional 3,006 shares in the last quarter. Barclays PLC lifted its stake in Priority Technology by 11.8% in the 4th quarter. Barclays PLC now owns 29,127 shares of the company’s stock worth $342,000 after purchasing an additional 3,063 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Priority Technology by 12.4% during the fourth quarter. Bank of New York Mellon Corp now owns 39,693 shares of the company’s stock valued at $466,000 after purchasing an additional 4,366 shares in the last quarter. 11.52% of the stock is currently owned by institutional investors.

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.