Priority Technology (NASDAQ:PRTH) Sees Unusually-High Trading Volume – Still a Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares saw unusually-high trading volume on Thursday . 827,631 shares changed hands during mid-day trading, an increase of 188% from the previous session’s volume of 287,088 shares.The stock last traded at $6.9630 and had previously closed at $6.47.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PRTH. TD Cowen decreased their target price on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research report on Friday, March 27th. TD Securities lowered their price target on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Wall Street Zen raised shares of Priority Technology from a “hold” rating to a “buy” rating in a research report on Sunday, May 17th. Finally, Zacks Research raised shares of Priority Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.75.

Priority Technology Stock Up 12.3%

The stock has a market cap of $598.35 million, a price-to-earnings ratio of 10.22 and a beta of 1.55. The company’s 50-day moving average is $5.66 and its 200-day moving average is $5.55.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings data on Monday, May 11th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.06. The firm had revenue of $249.56 million during the quarter, compared to analyst estimates of $242.87 million. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%. On average, research analysts forecast that Priority Technology Holdings, Inc. will post 1.24 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRTH. Raymond James Financial Inc. bought a new stake in shares of Priority Technology during the second quarter worth $29,000. BNP Paribas Financial Markets lifted its position in Priority Technology by 57.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock valued at $35,000 after acquiring an additional 1,863 shares in the last quarter. Strs Ohio acquired a new position in Priority Technology in the 1st quarter worth $46,000. Aaron Wealth Advisors LLC bought a new position in Priority Technology during the 1st quarter worth about $50,000. Finally, The Manufacturers Life Insurance Company bought a new position in Priority Technology during the 2nd quarter worth about $82,000. Institutional investors and hedge funds own 11.52% of the company’s stock.

Priority Technology Company Profile

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.