Priority Technology (NASDAQ:PRTH) Receives “Outperform” Rating from Keefe, Bruyette & Woods

Priority Technology (NASDAQ:PRTH)‘s stock had its “outperform” rating reaffirmed by analysts at Keefe, Bruyette & Woods in a report released on Friday,Benzinga reports. They presently have a $12.00 price target on the stock, down from their previous price target of $14.00. Keefe, Bruyette & Woods’ target price suggests a potential upside of 55.90% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the stock. Lake Street Capital boosted their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. B. Riley boosted their price objective on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, November 25th.

Priority Technology Stock Down 0.7 %

Shares of PRTH stock traded down $0.05 during trading on Friday, hitting $7.70. The company had a trading volume of 358,376 shares, compared to its average volume of 699,307. The stock has a market capitalization of $594.19 million, a price-to-earnings ratio of -18.31 and a beta of 0.99. The stock’s 50-day moving average is $10.34 and its two-hundred day moving average is $8.27. Priority Technology has a 52 week low of $2.82 and a 52 week high of $12.47.

Insider Buying and Selling

In other Priority Technology news, CEO Thomas Charles Priore sold 294,167 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $7.44, for a total transaction of $2,188,602.48. Following the sale, the chief executive officer now owns 34,025,319 shares of the company’s stock, valued at $253,148,373.36. This represents a 0.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Vito Priore sold 3,454,575 shares of the stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $7.44, for a total value of $25,702,038.00. Following the transaction, the director now directly owns 5,314,430 shares of the company’s stock, valued at $39,539,359.20. This trade represents a 39.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,293,227 shares of company stock valued at $39,921,204 over the last ninety days. Company insiders own 76.30% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

A number of large investors have recently added to or reduced their stakes in PRTH. Steamboat Capital Partners LLC purchased a new stake in Priority Technology in the 4th quarter worth $9,382,000. Invesco Ltd. acquired a new position in Priority Technology during the 4th quarter worth $4,883,000. Divisadero Street Capital Management LP purchased a new position in Priority Technology during the 4th quarter worth $4,524,000. Arrowstreet Capital Limited Partnership purchased a new stake in Priority Technology during the fourth quarter worth $2,471,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Priority Technology by 405.6% during the fourth quarter. Renaissance Technologies LLC now owns 242,200 shares of the company’s stock valued at $2,846,000 after buying an additional 194,300 shares during the period. Hedge funds and other institutional investors own 11.52% of the company’s stock.

Priority Technology Company Profile

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.