Priority Technology (NASDAQ:PRTH) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Priority Technology (NASDAQ:PRTH) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday.

PRTH has been the subject of a number of other research reports. Zacks Research lowered shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $8.75.

Priority Technology Stock Up 2.6%

Shares of NASDAQ:PRTH opened at $6.67 on Friday. Priority Technology has a 12 month low of $4.44 and a 12 month high of $8.59. The company’s 50-day moving average price is $6.63 and its two-hundred day moving average price is $5.84. The firm has a market cap of $549.34 million, a P/E ratio of 9.39 and a beta of 1.57.

Priority Technology (NASDAQ:PRTH) last posted 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 net margin of 5.85% and a negative return on equity of 83.50%. The firm had revenue of $249.56 million during the quarter, compared to analysts’ expectations of $242.87 million. As a group, equities analysts predict that Priority Technology will post 1.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. FourWorld Capital Management LLC boosted its stake in Priority Technology by 330.0% in the first quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock valued at $7,476,000 after acquiring an additional 1,215,583 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Priority Technology by 1,912.7% during the 4th quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock worth $3,876,000 after acquiring an additional 675,803 shares during the period. Norwood Investment Partners LP bought a new stake in shares of Priority Technology during the 4th quarter valued at $3,433,000. Beartown Capital Management LLC bought a new stake in shares of Priority Technology during the 4th quarter valued at $2,180,000. Finally, AQR Capital Management LLC acquired a new position in shares of Priority Technology in the 1st quarter valued at $2,292,000. Institutional investors own 11.52% of the company’s stock.

Priority Technology Company Profile

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.