Priority Technology (NASDAQ:PRTH) Stock Price Down 4.6% Following Insider Selling

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) dropped 4.6% on Thursday following insider selling activity. The stock traded as low as $9.04 and last traded at $9.04. Approximately 180,158 shares traded hands during trading, a decline of 80% from the average daily volume of 887,866 shares. The stock had previously closed at $9.47.

Specifically, CEO Thomas Charles Priore sold 105,833 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total transaction of $787,397.52. Following the completion of the sale, the chief executive officer now directly owns 33,919,486 shares of the company’s stock, valued at approximately $252,360,975.84. This represents a 0.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Charles Priore sold 294,167 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $7.44, for a total value of $2,188,602.48. Following the completion of the transaction, the chief executive officer now directly owns 34,025,319 shares in the company, valued at $253,148,373.36. This trade represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, COO Ranjana Ram sold 6,615 shares of the company’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total value of $49,215.60. Following the completion of the sale, the chief operating officer now owns 686,389 shares of the company’s stock, valued at $5,106,734.16. This represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analyst Weigh In

Several research firms recently commented on PRTH. Lake Street Capital boosted their price target on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods upgraded shares of Priority Technology from a “market perform” rating to an “outperform” rating and upped their target price for the company from $10.00 to $14.00 in a research note on Thursday, January 16th. Finally, B. Riley raised their price target on shares of Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a report on Monday, November 25th.

Priority Technology Price Performance

The business has a fifty day moving average of $9.77 and a 200 day moving average of $7.22. The stock has a market cap of $703.29 million, a PE ratio of -21.69 and a beta of 1.17.

Priority Technology (NASDAQ:PRTH) last released its earnings results on Thursday, November 7th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.05) by $0.12. The company had revenue of $227.05 million during the quarter, compared to analysts’ expectations of $221.15 million. Priority Technology had a negative return on equity of 15.86% and a net margin of 1.96%. During the same period in the prior year, the business posted ($0.16) EPS. On average, equities research analysts expect that Priority Technology Holdings, Inc. will post -0.09 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRTH. Virtu Financial LLC acquired a new stake in shares of Priority Technology in the 3rd quarter valued at about $91,000. SG Americas Securities LLC bought a new stake in Priority Technology in the fourth quarter valued at about $100,000. BNP Paribas Financial Markets raised its stake in Priority Technology by 61.7% during the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock valued at $109,000 after buying an additional 6,096 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Priority Technology during the 3rd quarter worth approximately $112,000. Finally, Jane Street Group LLC grew its position in shares of Priority Technology by 6.1% in the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock worth $153,000 after acquiring an additional 1,293 shares in the last quarter. 11.52% of the stock is owned by institutional investors and hedge funds.

Priority Technology Company Profile

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.