Priority Technology (NASDAQ:PRTH) Shares Down 6.4% – Here’s What Happened

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) fell 6.4% on Tuesday . The company traded as low as $6.72 and last traded at $6.6830. 311,079 shares traded hands during trading, a decline of 8% from the average daily volume of 337,204 shares. The stock had previously closed at $7.14.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PRTH. Wall Street Zen upgraded Priority Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 20th. Zacks Research upgraded shares of Priority Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, June 10th. TD Securities lowered their price target on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. TD Cowen cut their price objective on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Priority Technology presently has a consensus rating of “Moderate Buy” and an average price target of $8.75.

Priority Technology Stock Down 6.4%

The company has a fifty day simple moving average of $6.02 and a two-hundred day simple moving average of $5.63. The stock has a market capitalization of $550.38 million, a P/E ratio of 9.44 and a beta of 1.55.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings data on Monday, May 11th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.06. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%.The business had revenue of $249.56 million for the quarter, compared to analysts’ expectations of $242.87 million. As a group, equities analysts forecast that Priority Technology Holdings, Inc. will post 1.24 earnings per share for the current year.

Institutional Investors Weigh In On Priority Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in PRTH. Invenomic Capital Management LP acquired a new stake in shares of Priority Technology in the 3rd quarter valued at about $2,308,000. Segall Bryant & Hamill LLC bought a new position in shares of Priority Technology during the third quarter worth about $929,000. Norwood Investment Partners LP bought a new position in shares of Priority Technology during the fourth quarter worth about $3,433,000. Potomac Capital Management Inc. acquired a new stake in Priority Technology in the 4th quarter valued at approximately $539,000. Finally, Jain Global LLC bought a new stake in Priority Technology in the 4th quarter valued at approximately $111,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

About Priority Technology

Priority Technology Acquisition Corp is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization or similar business combination with one or more businesses in the technology sector. As a blank-check company, it does not conduct any operations of its own and holds the proceeds from its initial public offering in a trust account pending the identification and completion of a business combination.

The company’s management team is focused on evaluating target businesses that offer scalable technology products or services, including software, digital platforms and related infrastructure.