Analysts Set Priority Technology Holdings, Inc. (NASDAQ:PRTH) Price Target at $8.75

Priority Technology Holdings, Inc. (NASDAQ:PRTH) has earned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $8.75.

A number of research firms have weighed in on PRTH. Zacks Research upgraded shares of Priority Technology from a “strong sell” rating to a “hold” rating in a research report on Monday, May 11th. TD Securities 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 research report on Wednesday, March 11th. Wall Street Zen upgraded shares of Priority Technology from a “hold” rating to a “buy” rating in a research report on Sunday. 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 research report on Wednesday, March 11th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research report on Friday, March 27th.

Priority Technology Stock Performance

Shares of PRTH opened at $5.85 on Wednesday. The company’s fifty day moving average is $5.17 and its 200 day moving average is $5.52. Priority Technology has a fifty-two week low of $4.44 and a fifty-two week high of $8.89. The stock has a market capitalization of $481.81 million, a PE ratio of 8.24 and a beta of 1.49.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.28 earnings per share for the quarter, topping 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 company had revenue of $249.56 million for the quarter, compared to analysts’ expectations of $242.87 million. As a group, research analysts forecast that Priority Technology will post 1.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PRTH. AQR Capital Management LLC bought a new position in Priority Technology during the first quarter valued at $2,292,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Priority Technology by 25.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company’s stock valued at $89,000 after purchasing an additional 2,648 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Priority Technology by 1,134.1% during the first quarter. NewEdge Advisors LLC now owns 15,759 shares of the company’s stock valued at $107,000 after purchasing an additional 14,482 shares during the period. Strs Ohio purchased a new stake in shares of Priority Technology during the first quarter valued at $46,000. Finally, Rhumbline Advisers boosted its stake in shares of Priority Technology by 10.2% during the first quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock valued at $178,000 after purchasing an additional 2,425 shares during the period. Institutional investors own 11.52% of the company’s stock.

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.