Priority Technology (NASDAQ:PRTH) Reaches New 1-Year High on Analyst Upgrade

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) hit a new 52-week high during trading on Monday after B. Riley raised their price target on the stock from $13.00 to $16.00. B. Riley currently has a buy rating on the stock. Priority Technology traded as high as $9.85 and last traded at $9.49, with a volume of 70188 shares traded. The stock had previously closed at $8.02.

PRTH has been the topic of several other research reports. Lake Street Capital upped their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the stock a "buy" rating in a report on Friday. Keefe, Bruyette & Woods upped their target price on shares of Priority Technology from $9.00 to $10.00 and gave the stock a "market perform" rating in a research note on Friday.

Insiders Place Their Bets

In other news, 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 transaction of $26,801.14. Following the completion of the transaction, the insider now directly owns 1,085,158 shares of the company's stock, valued at $5,870,704.78. This represents a 0.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Rajiv Kumar sold 10,000 shares of Priority Technology stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.13, for a total transaction of $61,300.00. Following the completion of the sale, the chief accounting officer now directly owns 11,587 shares in the company, valued at $71,028.31. This trade represents a 46.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,302 shares of company stock valued at $286,501. Insiders own 76.30% of the company's stock.

Institutional Investors Weigh In On Priority Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System bought a new stake in Priority Technology during the 1st quarter valued at $91,000. Vanguard Group Inc. lifted its holdings in Priority Technology by 25.7% during the 1st quarter. Vanguard Group Inc. now owns 762,631 shares of the company's stock worth $2,494,000 after purchasing an additional 156,044 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Priority Technology in the 1st quarter worth about $164,000. Virtu Financial LLC purchased a new position in Priority Technology during the 1st quarter valued at about $50,000. Finally, Williams & Novak LLC bought a new stake in shares of Priority Technology during the second quarter valued at about $77,000. 11.52% of the stock is currently owned by institutional investors.

Priority Technology Price Performance

The business's fifty day moving average price is $6.63 and its 200-day moving average price is $5.52. The stock has a market capitalization of $674.47 million, a PE ratio of -20.48 and a beta of 1.01.

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.