Priority Technology (NASDAQ:PRTH) Sets New 12-Month High – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $7.85 and last traded at $7.8450, with a volume of 87,758 shares. The stock had previously closed at $7.83.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Priority Technology from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Lake Street Capital downgraded shares of Priority Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $13.00 to $8.05 in a research report on Monday, September 21st. B. Riley Financial downgraded Priority Technology from a “buy” rating to a “neutral” rating and set a $8.05 target price on the stock. in a report on Friday, October 2nd. Zacks Research lowered Priority Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Finally, Alliance Global Partners cut Priority Technology from a “buy” rating to a “neutral” rating and set a $7.00 price target for the company. in a report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Priority Technology presently has an average rating of “Hold” and an average target price of $8.59.

Priority Technology Price Performance

The firm’s fifty day moving average is $6.89 and its 200-day moving average is $6.08. The firm has a market cap of $646.74 million, a price-to-earnings ratio of 11.37 and a beta of 1.58.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.03. The business had revenue of $262.26 million for the quarter, compared to analysts’ expectations of $257.81 million. Priority Technology had a net margin of 5.61% and a negative return on equity of 104.91%. As a group, equities research analysts anticipate that Priority Technology Holdings, Inc. will post 1.23 EPS for the current year.

Institutional Investors Weigh In On Priority Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC bought a new position in Priority Technology in the 2nd quarter worth $67,000. Steamboat Capital Partners LLC raised its holdings in shares of Priority Technology by 4.6% in the 2nd quarter. Steamboat Capital Partners LLC now owns 1,335,669 shares of the company’s stock valued at $8,909,000 after purchasing an additional 58,273 shares in the last quarter. Pale Fire Capital SE bought a new position in Priority Technology in the second quarter worth about $167,000. One68 Global Capital LLC purchased a new stake in Priority Technology in the second quarter valued at about $73,000. Finally, Bank of America Corp DE purchased a new position in Priority Technology in the 2nd quarter worth $1,624,000. Hedge funds and other institutional investors own 11.52% of the company’s stock.

About Priority Technology

Priority Technology Holdings, Inc (NASDAQ: PRTH) is a payments technology company that provides payment processing and commerce solutions to businesses, software providers and financial institutions. Its platform supports card and electronic payment acceptance across in-person, online and mobile channels, as well as related payment and reporting functions.

The company offers integrated payments and embedded payment capabilities that can be incorporated into business-management and vertical-market software.