Priority Technology (NASDAQ:PRTH) Shares Down 5.7% – Here’s What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price traded down 5.7% during trading on Tuesday . The stock traded as low as $7.60 and last traded at $7.59. 229,118 shares traded hands during trading, a decline of 67% from the average session volume of 691,028 shares. The stock had previously closed at $8.05.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. TD Cowen raised shares of Priority Technology to a “strong-buy” rating in a research report on Tuesday, March 18th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $12.00 target price (down previously from $14.00) on shares of Priority Technology in a report on Friday, March 7th.

Priority Technology Stock Down 0.9 %

The business’s 50-day moving average is $9.42 and its two-hundred day moving average is $8.50. The company has a market capitalization of $590.83 million, a P/E ratio of -17.69 and a beta of 0.99.

Insiders Place Their Bets

In related news, Director John Vito Priore sold 1,242,856 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total transaction of $9,246,848.64. Following the completion of the sale, the director now directly owns 4,071,574 shares of the company’s stock, valued at approximately $30,292,510.56. This trade represents a 23.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Ranjana Ram sold 18,385 shares of the business’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $7.44, for a total value of $136,784.40. Following the completion of the transaction, the chief operating officer now directly owns 693,004 shares in the company, valued at approximately $5,155,949.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,122,431 shares of company stock valued at $38,110,887 in the last 90 days. 76.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Priority Technology

A number of large investors have recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. purchased a new position in Priority Technology in the fourth quarter valued at about $684,000. Two Sigma Advisers LP purchased a new position in Priority Technology during the 4th quarter valued at about $327,000. Two Sigma Investments LP purchased a new stake in shares of Priority Technology in the fourth quarter worth $882,000. Steamboat Capital Partners LLC bought a new position in shares of Priority Technology in the fourth quarter worth approximately $9,382,000. Finally, Occudo Quantitative Strategies LP bought a new stake in Priority Technology during the fourth quarter worth about $183,000. 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.