Priority Technology Holdings, Inc. (NASDAQ:PRTH) Given Average Rating of “Moderate Buy” by Analysts

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have been assigned an average rating of “Moderate Buy” from the six research firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $8.50.

Several brokerages have issued reports on PRTH. Keefe, Bruyette & Woods downgraded Priority Technology from a “moderate buy” rating to a “hold” rating and cut their price objective for the company from $9.00 to $6.00 in a research report on Tuesday, November 11th. Zacks Research cut Priority Technology from a “hold” rating to a “strong sell” rating in a report on Tuesday, December 9th. Wall Street Zen upgraded shares of Priority Technology from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 15th. Finally, Industrial Alliance Securities set a $11.00 target price on shares of Priority Technology in a research note on Thursday, November 6th.

Priority Technology Stock Up 0.4%

Shares of Priority Technology stock opened at $5.61 on Friday. Priority Technology has a 12-month low of $4.44 and a 12-month high of $12.47. The stock has a market capitalization of $459.29 million, a P/E ratio of 10.58 and a beta of 1.45. The company has a 50-day simple moving average of $6.12 and a 200 day simple moving average of $7.11.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). The firm had revenue of $241.44 million for the quarter, compared to analyst estimates of $251.74 million. Priority Technology had a negative return on equity of 60.29% and a net margin of 5.78%. On average, equities analysts anticipate that Priority Technology will post -0.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Cetera Investment Advisers acquired a new position in shares of Priority Technology during the first quarter valued at $529,000. Acadian Asset Management LLC raised its holdings in Priority Technology by 825.3% during the 1st quarter. Acadian Asset Management LLC now owns 357,473 shares of the company’s stock worth $2,431,000 after purchasing an additional 318,839 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its position in Priority Technology by 44.6% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 136,960 shares of the company’s stock valued at $1,066,000 after purchasing an additional 42,260 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Priority Technology by 40.3% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 184,952 shares of the company’s stock valued at $1,439,000 after purchasing an additional 53,163 shares during the period. Finally, Steamboat Capital Partners LLC boosted its stake in shares of Priority Technology by 200.6% in the 1st quarter. Steamboat Capital Partners LLC now owns 2,400,000 shares of the company’s stock valued at $16,356,000 after purchasing an additional 1,601,491 shares during the last quarter. 11.52% of the stock is currently owned by institutional investors.

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.