Priority Technology (NASDAQ:PRTH) Cut to Neutral at Alliance Global Partners

Alliance Global Partners lowered shares of Priority Technology (NASDAQ:PRTH) from a buy rating to a neutral rating in a research report released on Thursday, Marketbeat reports. Alliance Global Partners currently has $7.00 price target on the stock.

PRTH has been the topic of a number of other research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research note on Wednesday, June 24th. Zacks Research lowered shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Finally, Wall Street Zen lowered shares of Priority Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.50.

Priority Technology Trading Up 0.2%

Shares of NASDAQ:PRTH opened at $5.39 on Thursday. The stock has a fifty day simple moving average of $6.62 and a two-hundred day simple moving average of $5.84. The stock has a market capitalization of $443.92 million, a price-to-earnings ratio of 7.81 and a beta of 1.57. Priority Technology has a 12-month low of $4.44 and a 12-month high of $8.59.

Priority Technology (NASDAQ:PRTH) last released its earnings results on Thursday, August 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. Priority Technology had a negative return on equity of 98.46% and a net margin of 5.61%.The business had revenue of $262.26 million for the quarter, compared to the consensus estimate of $257.81 million. As a group, equities research analysts predict that Priority Technology will post 1.24 EPS for the current year.

Institutional Trading of Priority Technology

A number of institutional investors and hedge funds have recently modified their holdings of PRTH. BlackRock Inc. bought a new position in shares of Priority Technology during the second quarter valued at $15,788,000. FourWorld Capital Management LLC boosted its position in shares of Priority Technology by 330.0% during the first quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock valued at $7,476,000 after buying an additional 1,215,583 shares during the last quarter. Steamboat Capital Partners LLC increased its holdings in Priority Technology by 13.5% in the 4th quarter. Steamboat Capital Partners LLC now owns 1,576,734 shares of the company’s stock worth $8,593,000 after buying an additional 187,893 shares in the last quarter. Vanguard Group Inc. increased its holdings in Priority Technology by 13.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after buying an additional 181,795 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in Priority Technology by 1,912.7% in the 4th quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock worth $3,876,000 after buying an additional 675,803 shares during the last quarter. Institutional investors own 11.52% of the company’s stock.

More Priority Technology News

Here are the key news stories impacting Priority Technology this week:

• Positive Sentiment: Priority Technology reported second-quarter earnings of $0.29 per share, above analyst estimates of $0.26-$0.28, while revenue rose 9% year over year to approximately $262.3 million, exceeding expectations. Priority Technology Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: The Payables segment led growth, supported by higher buyer-funded revenue. Management indicated full-year revenue is tracking near the high end of its guidance range, suggesting continued demand for the company’s connected-commerce platform. Buyer-Funded Revenue Powers Priority Technology Holdings’ Payables Surge
• Neutral Sentiment: Keefe, Bruyette & Woods lowered its price target from $7.50 to $6.50 and assigned a “market perform” rating. Although the target implies upside from recent trading levels, the reduced target signals more limited expectations.
• Negative Sentiment: Management’s earnings-call commentary highlighted margin pressure from business-mix shifts and rising costs. Consequently, full-year profit expectations are trending toward the low end of guidance despite revenue holding near the high end. PRTH Q2 Earnings Call Flags Margin Pressure as Growth Holds
• Negative Sentiment: Alliance Global Partners downgraded PRTH from “buy” to “neutral” and set a $7.00 target. The downgrade, together with KBW’s target reduction, likely weighs on sentiment by emphasizing profitability and execution risks.

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.