Priority Technology Holdings, Inc. (NASDAQ:PRTH) Receives $8.75 Average Price Target from Analysts

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $8.75.

A number of equities analysts have commented on PRTH shares. TD Cowen decreased their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. TD Securities decreased their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Wall Street Zen upgraded Priority Technology from a “hold” rating to a “buy” rating in a research note on Sunday, May 17th. Zacks Research raised Priority Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Friday, March 27th.

Institutional Investors Weigh In On Priority Technology

A number of hedge funds have recently made changes to their positions in the business. Invenomic Capital Management LP bought a new stake in Priority Technology during the third quarter worth approximately $2,308,000. Segall Bryant & Hamill LLC bought a new stake in Priority Technology during the third quarter worth approximately $929,000. Potomac Capital Management Inc. bought a new stake in Priority Technology during the fourth quarter worth approximately $539,000. Norwood Investment Partners LP bought a new stake in Priority Technology during the fourth quarter worth approximately $3,433,000. Finally, AXQ Capital LP bought a new stake in Priority Technology during the fourth quarter worth approximately $80,000. Institutional investors own 11.52% of the company’s stock.

Priority Technology Stock Performance

Shares of NASDAQ PRTH opened at $6.15 on Friday. Priority Technology has a 1 year low of $4.44 and a 1 year high of $8.89. The firm has a market cap of $506.51 million, a price-to-earnings ratio of 8.66 and a beta of 1.55. The stock’s 50-day simple moving average is $5.57 and its 200-day simple moving average is $5.54.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.06. The business had revenue of $249.56 million during the quarter, compared to the consensus estimate of $242.87 million. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%. As a group, research analysts predict that Priority Technology will post 1.24 EPS for the current year.

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.