Priority Technology Holdings, Inc. (NASDAQ:PRTH) Receives $8.50 Consensus Target Price from Analysts

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have earned a consensus recommendation of “Hold” from the five analysts that are covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $8.50.

PRTH has been the topic of several research analyst reports. Alliance Global Partners restated a “buy” rating on shares of Priority Technology in a report on Thursday, November 6th. Zacks Research raised shares of Priority Technology from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 7th. iA Financial set a $11.00 price objective on shares of Priority Technology in a research report on Thursday, November 6th. Wall Street Zen lowered Priority Technology from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research note on Monday, December 29th.

Hedge Funds Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently made changes to their positions in PRTH. Vanguard Group Inc. raised its holdings in Priority Technology by 13.9% during the third quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after purchasing an additional 181,795 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Priority Technology by 66.2% in the 2nd quarter. Acadian Asset Management LLC now owns 594,095 shares of the company’s stock valued at $4,618,000 after buying an additional 236,622 shares during the last quarter. AQR Capital Management LLC raised its stake in Priority Technology by 70.5% during the 2nd quarter. AQR Capital Management LLC now owns 573,345 shares of the company’s stock worth $4,461,000 after acquiring an additional 237,004 shares in the last quarter. Geode Capital Management LLC lifted its position in Priority Technology by 19.4% in the second quarter. Geode Capital Management LLC now owns 536,349 shares of the company’s stock valued at $4,173,000 after acquiring an additional 87,127 shares during the last quarter. Finally, Prelude Capital Management LLC boosted its stake in Priority Technology by 38.9% in the third quarter. Prelude Capital Management LLC now owns 422,734 shares of the company’s stock valued at $2,904,000 after acquiring an additional 118,293 shares in the last quarter. Hedge funds and other institutional investors own 11.52% of the company’s stock.

Priority Technology Price Performance

Shares of Priority Technology stock opened at $5.55 on Monday. The stock’s 50 day simple moving average is $5.70 and its 200-day simple moving average is $6.56. The stock has a market cap of $454.39 million, a P/E ratio of 10.47 and a beta of 1.40. Priority Technology has a 1-year low of $4.44 and a 1-year high of $12.47.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Priority Technology had a net margin of 5.78% and a negative return on equity of 60.29%. The firm had revenue of $241.44 million during the quarter, compared to analysts’ expectations of $251.74 million. As a group, research analysts expect that Priority Technology will post -0.09 EPS for the current fiscal 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.