Priority Technology Holdings, Inc. (NASDAQ:PRTH) Given Average Rating of “Hold” by Brokerages

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have been assigned a consensus rating of “Hold” from the six analysts that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $8.50.

PRTH has been the subject of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research note on Wednesday, June 24th. Alliance Global Partners lowered shares of Priority Technology from a “buy” rating to a “neutral” rating and set a $7.00 price objective on the stock. in a research note on Thursday, August 6th. Keefe, Bruyette & Woods reduced their target price on shares of Priority Technology from $7.50 to $6.50 and set a “market perform” rating for the company in a report on Friday, August 7th. Zacks Research downgraded shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Finally, Wall Street Zen lowered Priority Technology from a “buy” rating to a “hold” rating in a report on Sunday, August 9th.

Priority Technology Stock Down 3.6%

PRTH opened at $5.41 on Friday. The firm has a market cap of $446.00 million, a price-to-earnings ratio of 7.84 and a beta of 1.57. Priority Technology has a 52 week low of $4.44 and a 52 week high of $8.59. The business’s 50 day moving average is $6.40 and its two-hundred day moving average is $5.81.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $257.81 million. Priority Technology had a negative return on equity of 104.91% and a net margin of 5.61%. Equities analysts expect that Priority Technology will post 1.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Priority Technology in the second quarter valued at approximately $15,788,000. FourWorld Capital Management LLC lifted its holdings in shares of Priority Technology by 330.0% during the first quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock worth $7,476,000 after purchasing an additional 1,215,583 shares during the period. Steamboat Capital Partners LLC lifted its holdings in shares of Priority Technology by 13.5% during the fourth quarter. Steamboat Capital Partners LLC now owns 1,576,734 shares of the company’s stock worth $8,593,000 after purchasing an additional 187,893 shares during the period. Vanguard Group Inc. grew its position in Priority Technology by 13.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock valued at $10,222,000 after buying an additional 181,795 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in Priority Technology by 1,912.7% in the 4th quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock valued at $3,876,000 after buying an additional 675,803 shares during the last quarter. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

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.