Priority Technology (NASDAQ:PRTH) Stock Price Up 7.8% on Analyst Upgrade

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares traded up 7.8% during mid-day trading on Tuesday after B. Riley raised their price target on the stock from $13.00 to $16.00. B. Riley currently has a buy rating on the stock. Priority Technology traded as high as $9.43 and last traded at $9.42. 49,044 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 61,321 shares. The stock had previously closed at $8.74.

Several other analysts have also issued reports on the company. Keefe, Bruyette & Woods increased their price objective on Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Friday. Lake Street Capital upped their target price on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday.

Insider Buying and Selling

In related news, CAO Rajiv Kumar sold 10,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.13, for a total transaction of $61,300.00. Following the transaction, the chief accounting officer now owns 11,587 shares of the company’s stock, valued at approximately $71,028.31. The trade was a 46.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Sean Kiewiet sold 4,483 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $6.00, for a total transaction of $26,898.00. Following the transaction, the insider now owns 1,065,158 shares in the company, valued at approximately $6,390,948. The trade was a 0.42 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,302 shares of company stock worth $286,501. Corporate insiders own 76.30% of the company’s stock.

Institutional Trading of Priority Technology

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Priority Technology by 25.7% in the 1st quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock valued at $2,494,000 after buying an additional 156,044 shares during the last quarter. Rebalance LLC bought a new stake in shares of Priority Technology during the 3rd quarter valued at $4,822,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Priority Technology in the 1st quarter valued at $164,000. Renaissance Technologies LLC bought a new position in shares of Priority Technology in the 2nd quarter worth $202,000. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Priority Technology in the 1st quarter worth $91,000. Institutional investors and hedge funds own 11.52% of the company’s stock.

Priority Technology Price Performance

The business has a 50 day moving average of $6.68 and a 200 day moving average of $5.56. The firm has a market capitalization of $726.94 million, a price-to-earnings ratio of -22.43 and a beta of 1.01.

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.