Priority Technology (NASDAQ:PRTH) Sees Strong Trading Volume – What’s Next?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) saw unusually-high trading volume on Monday . Approximately 165,775 shares traded hands during mid-day trading, a decline of 23% from the previous session’s volume of 216,467 shares.The stock last traded at $6.92 and had previously closed at $7.66.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $12.00 price target (down previously from $14.00) on shares of Priority Technology in a research note on Friday. Lake Street Capital lifted their target price on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, B. Riley increased their target price on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, November 25th.

Priority Technology Stock Down 9.8 %

The stock has a market cap of $533.44 million, a PE ratio of -16.48 and a beta of 0.99. The business’s fifty day moving average is $10.28 and its 200 day moving average is $8.34.

Insider Buying and Selling at Priority Technology

In other news, CEO Thomas Charles Priore sold 105,833 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total value of $787,397.52. Following the completion of the transaction, the chief executive officer now directly owns 33,919,486 shares of the company’s stock, valued at $252,360,975.84. The trade was a 0.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Ranjana Ram sold 18,385 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $7.44, for a total value of $136,784.40. Following the sale, the chief operating officer now directly owns 693,004 shares in the company, valued at approximately $5,155,949.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,293,227 shares of company stock valued at $39,921,204. Insiders own 76.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Jefferies Financial Group Inc. acquired a new position in Priority Technology during the fourth quarter worth approximately $684,000. Two Sigma Advisers LP acquired a new position in Priority Technology in the fourth quarter valued at $327,000. Two Sigma Investments LP purchased a new stake in Priority Technology during the fourth quarter valued at about $882,000. Steamboat Capital Partners LLC acquired a new stake in Priority Technology during the fourth quarter worth about $9,382,000. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of Priority Technology in the 4th quarter valued at about $183,000. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

About Priority Technology

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.