Hennessy Advisors Inc. Sells 15,000 Shares of Priority Technology Holdings, Inc. $PRTH

Hennessy Advisors Inc. reduced its stake in Priority Technology Holdings, Inc. (NASDAQ:PRTH) by 60.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,000 shares of the company’s stock after selling 15,000 shares during the period. Hennessy Advisors Inc.’s holdings in Priority Technology were worth $78,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cetera Investment Advisers bought a new stake in Priority Technology in the first quarter valued at $529,000. Acadian Asset Management LLC increased its stake in Priority Technology by 825.3% in the first quarter. Acadian Asset Management LLC now owns 357,473 shares of the company’s stock valued at $2,431,000 after purchasing an additional 318,839 shares in the last quarter. Advisor Resource Council bought a new stake in Priority Technology in the first quarter valued at $328,000. Investors Asset Management of Georgia Inc. GA ADV bought a new stake in Priority Technology in the first quarter valued at $645,000. Finally, Steamboat Capital Partners LLC increased its stake in Priority Technology by 200.6% in the first quarter. Steamboat Capital Partners LLC now owns 2,400,000 shares of the company’s stock valued at $16,356,000 after purchasing an additional 1,601,491 shares in the last quarter. 11.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PRTH shares. Wall Street Zen raised shares of Priority Technology from a “hold” rating to a “buy” rating in a research report on Saturday, August 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research report on Saturday, September 27th. Cowen reissued a “buy” rating on shares of Priority Technology in a research report on Friday, August 8th. Finally, Zacks Research downgraded shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.00.

Priority Technology Stock Up 2.2%

PRTH opened at $6.98 on Monday. The stock has a market cap of $557.84 million, a price-to-earnings ratio of 26.85 and a beta of 1.86. Priority Technology Holdings, Inc. has a twelve month low of $5.01 and a twelve month high of $12.47. The company’s 50-day moving average price is $7.51 and its two-hundred day moving average price is $7.52.

Priority Technology (NASDAQ:PRTH) last released its earnings results on Thursday, August 7th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.01. The firm had revenue of $239.81 million for the quarter, compared to analysts’ expectations of $239.63 million. Priority Technology had a net margin of 4.03% and a negative return on equity of 47.35%. Priority Technology has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current year.

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.