Priority Technology (NASDAQ:PRTH) Shares Gap Up Following Analyst Upgrade

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) gapped up before the market opened on Friday after Keefe, Bruyette & Woods raised their price target on the stock from $9.00 to $10.00. The stock had previously closed at $8.35, but opened at $8.57. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Priority Technology shares last traded at $8.87, with a volume of 38,860 shares.

Several other analysts have also recently commented on PRTH. Lake Street Capital increased their target price on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday. B. Riley upped their price target on Priority Technology from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, September 23rd.

Insider Activity

In other Priority Technology news, CAO Rajiv Kumar sold 10,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.13, for a total value 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. This represents a 46.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sean Kiewiet sold 7,201 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $5.90, for a total value of $42,485.90. Following the completion of the transaction, the insider now directly owns 1,094,652 shares in the company, valued at $6,458,446.80. The trade was a 0.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,302 shares of company stock valued at $286,501 over the last 90 days. 76.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Priority Technology

Several hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in Priority Technology in the third quarter valued at about $91,000. Barclays PLC raised its position in shares of Priority Technology by 255.9% during the third quarter. Barclays PLC now owns 26,064 shares of the company’s stock worth $178,000 after purchasing an additional 18,741 shares during the period. Geode Capital Management LLC raised its position in shares of Priority Technology by 5.8% during the third quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock worth $2,707,000 after purchasing an additional 21,598 shares during the period. Jane Street Group LLC raised its position in shares of Priority Technology by 6.1% during the third quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock worth $153,000 after purchasing an additional 1,293 shares during the period. Finally, Corsair Capital Management L.P. raised its position in shares of Priority Technology by 10.5% during the third quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock worth $720,000 after purchasing an additional 10,000 shares during the period. Institutional investors and hedge funds own 11.52% of the company’s stock.

Priority Technology Price Performance

The company has a market cap of $618.90 million, a price-to-earnings ratio of -19.10 and a beta of 1.01. The stock has a 50-day moving average price of $6.63 and a 200 day moving average price of $5.49.

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.