Priority Technology (NASDAQ:PRTH) Upgraded at Zacks Research

Priority Technology (NASDAQ:PRTH) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research firms have also recently issued reports on PRTH. TD Cowen dropped their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. TD Securities dropped their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a report on Friday, March 27th. Finally, Wall Street Zen upgraded Priority Technology from a “hold” rating to a “buy” rating in a report on Sunday, May 17th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Priority Technology has an average rating of “Moderate Buy” and a consensus price target of $8.75.

Priority Technology Stock Performance

NASDAQ PRTH opened at $6.14 on Wednesday. The company has a market cap of $505.69 million, a P/E ratio of 8.65 and a beta of 1.55. The business’s 50 day moving average price is $5.54 and its 200-day moving average price is $5.54. Priority Technology has a fifty-two week low of $4.44 and a fifty-two week high of $8.89.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company 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 EPS for the current year.

Institutional Investors Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the company. FourWorld Capital Management LLC raised its position in Priority Technology by 330.0% during the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock valued at $7,476,000 after purchasing an additional 1,215,583 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Priority Technology during the 1st quarter valued at $107,000. Militia Capital Management LLC bought a new stake in Priority Technology during the 1st quarter valued at $99,000. Dimensional Fund Advisors LP raised its position in Priority Technology by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 437,139 shares of the company’s stock valued at $2,063,000 after purchasing an additional 40,282 shares in the last quarter. Finally, Aaron Wealth Advisors LLC bought a new stake in Priority Technology during the 1st quarter valued at $50,000. 11.52% of the stock is owned by institutional investors.

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.