Invenomic Capital Management LP Makes New $2.31 Million Investment in Priority Technology Holdings, Inc. $PRTH

Invenomic Capital Management LP bought a new position in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 335,881 shares of the company’s stock, valued at approximately $2,308,000. Invenomic Capital Management LP owned 0.41% of Priority Technology at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. AQR Capital Management LLC acquired a new position in Priority Technology during the first quarter valued at approximately $2,292,000. Knights of Columbus Asset Advisors LLC acquired a new position in shares of Priority Technology in the 3rd quarter valued at $1,840,000. Sei Investments Co. bought a new stake in shares of Priority Technology in the 2nd quarter valued at $1,606,000. Vanguard Group Inc. raised its stake in Priority Technology by 13.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after buying an additional 181,795 shares during the period. Finally, Bank of America Corp DE raised its stake in Priority Technology by 127.4% during the 3rd quarter. Bank of America Corp DE now owns 308,321 shares of the company’s stock worth $2,118,000 after buying an additional 172,741 shares during the period. 11.52% of the stock is owned by institutional investors.

Priority Technology Price Performance

Shares of Priority Technology stock opened at $5.07 on Tuesday. The firm has a market cap of $417.21 million, a price-to-earnings ratio of 7.35 and a beta of 1.39. The stock’s 50-day moving average is $5.62 and its 200-day moving average is $6.18. Priority Technology Holdings, Inc. has a one year low of $4.44 and a one year high of $8.89.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings data on Tuesday, March 10th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). Priority Technology had a negative return on equity of 66.50% and a net margin of 5.84%.The firm had revenue of $247.13 million for the quarter, compared to the consensus estimate of $247.92 million. On average, equities analysts expect that Priority Technology Holdings, Inc. will post -0.09 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. TD Cowen lowered their price target on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. TD Securities decreased their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Zacks Research cut Priority Technology from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 11th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a report on Monday, December 29th. Finally, Wall Street Zen lowered shares of Priority Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.75.

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.