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

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) reached a new 52-week high during mid-day trading on Tuesday. The company traded as high as $7.92 and last traded at $7.9150, with a volume of 53,898 shares traded. The stock had previously closed at $7.91.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PRTH shares. B. Riley Financial lowered shares of Priority Technology from a “buy” rating to a “neutral” rating and set a $8.05 target price on the stock. in a research report on Friday, October 2nd. Zacks Research downgraded shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Lake Street Capital cut Priority Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $13.00 to $8.05 in a research note on Monday, September 21st. Keefe, Bruyette & Woods raised their price objective on Priority Technology from $6.50 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, September 22nd. Finally, Alliance Global Partners lowered Priority Technology from a “buy” rating to a “neutral” rating and set a $7.00 price objective on the stock. in a research report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Priority Technology presently has a consensus rating of “Hold” and an average price target of $8.59.

Priority Technology Stock Performance

The business’s fifty day moving average is $7.12 and its 200-day moving average is $6.13. The firm has a market cap of $648.80 million, a P/E ratio of 11.41 and a beta of 1.74.

Priority Technology (NASDAQ:PRTH) last posted its earnings results on Thursday, November 5th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.25 by $0.05. Priority Technology had a net margin of 5.61% and a negative return on equity of 104.91%. The business had revenue of $268.62 million for the quarter, compared to the consensus estimate of $259.50 million. Analysts predict that Priority Technology Holdings, Inc. will post 1.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

Hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Priority Technology in the second quarter valued at $15,788,000. Steamboat Capital Partners LLC lifted its holdings in Priority Technology by 4.6% during the 2nd quarter. Steamboat Capital Partners LLC now owns 1,335,669 shares of the company’s stock worth $8,909,000 after buying an additional 58,273 shares during the period. FourWorld Capital Management LLC lifted its holdings in Priority Technology by 330.0% during the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock worth $7,476,000 after buying an additional 1,215,583 shares during the period. Norwood Investment Partners LP acquired a new position in Priority Technology during the 2nd quarter worth about $3,615,140. Finally, Dimensional Fund Advisors LP grew its position in shares of Priority Technology by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 437,139 shares of the company’s stock valued at $2,063,000 after buying an additional 40,282 shares during the last quarter. Institutional investors and hedge funds own 11.52% of the company’s stock.

Priority Technology Company Profile

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.