Priority Technology (NASDAQ:PRTH) PT Raised to $13.00

Priority Technology (NASDAQ:PRTH) had its price target boosted by equities researchers at B. Riley from $11.00 to $13.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price objective would indicate a potential upside of 81.56% from the stock’s previous close.

Separately, Keefe, Bruyette & Woods lifted their price objective on shares of Priority Technology from $4.50 to $5.00 and gave the stock a “market perform” rating in a report on Friday, August 9th.

Priority Technology Stock Performance

Shares of PRTH stock opened at $7.16 on Monday. The company has a market capitalization of $573.27 million, a PE ratio of -12.34 and a beta of 0.97. Priority Technology has a 52-week low of $2.79 and a 52-week high of $7.17. The business’s fifty day moving average is $5.61 and its 200 day moving average is $4.49.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.12) earnings per share for the quarter. Priority Technology had a net margin of 0.74% and a negative return on equity of 9.60%. The business had revenue of $219.87 million during the quarter.

Insider Transactions at Priority Technology

In related news, insider Sean Kiewiet sold 4,954 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $5.41, for a total transaction of $26,801.14. Following the transaction, the insider now owns 1,085,158 shares of the company’s stock, valued at approximately $5,870,704.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Priority Technology news, CEO Thomas Charles Priore sold 16,000 shares of Priority Technology stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $5.08, for a total value of $81,280.00. Following the transaction, the chief executive officer now directly owns 34,301,608 shares of the company’s stock, valued at approximately $174,252,168.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Kiewiet sold 4,954 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $5.41, for a total value of $26,801.14. Following the sale, the insider now directly owns 1,085,158 shares of the company’s stock, valued at approximately $5,870,704.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,395 shares of company stock worth $529,410. 76.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Williams & Novak LLC bought a new stake in Priority Technology in the 2nd quarter worth $77,000. Virtu Financial LLC purchased a new stake in shares of Priority Technology during the first quarter worth about $50,000. State Board of Administration of Florida Retirement System bought a new stake in shares of Priority Technology in the first quarter worth about $91,000. Renaissance Technologies LLC purchased a new position in Priority Technology during the 2nd quarter valued at about $202,000. Finally, Jacobs Levy Equity Management Inc. bought a new position in Priority Technology during the 1st quarter valued at approximately $164,000. 11.52% of the stock is 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.