TD Cowen Cuts Priority Technology (NASDAQ:PRTH) Price Target to $9.00

Priority Technology (NASDAQ:PRTH) had its price objective reduced by TD Cowen from $10.00 to $9.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on PRTH. Wall Street Zen upgraded shares of Priority Technology from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a report on Monday, December 29th. Zacks Research raised shares of Priority Technology from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods downgraded Priority Technology from a “moderate buy” rating to a “hold” rating and reduced their target price for the company from $9.00 to $6.00 in a research note on Tuesday, November 11th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Priority Technology presently has an average rating of “Hold” and a consensus price target of $8.75.

Priority Technology Stock Performance

Shares of PRTH opened at $4.96 on Wednesday. The firm has a market cap of $406.08 million, a PE ratio of 7.19 and a beta of 1.39. Priority Technology has a 52-week low of $4.44 and a 52-week high of $8.89. The business’s 50 day moving average price is $5.63 and its two-hundred day moving average price is $6.24.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings data on Tuesday, March 10th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.02). The company had revenue of $247.13 million for the quarter, compared to analyst estimates of $247.92 million. Priority Technology had a negative return on equity of 66.50% and a net margin of 5.84%. Research analysts predict that Priority Technology will post -0.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Raymond James Financial Inc. bought a new position in shares of Priority Technology in the second quarter valued at $29,000. BNP Paribas Financial Markets increased its position in shares of Priority Technology by 57.3% during the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after acquiring an additional 1,863 shares in the last quarter. Strs Ohio acquired a new stake in shares of Priority Technology in the 1st quarter worth about $46,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Priority Technology in the 2nd quarter worth about $82,000. Finally, Invesco Ltd. bought a new position in Priority Technology in the 4th quarter valued at about $58,000. Institutional investors and hedge funds own 11.52% of the company’s stock.

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.