Priority Technology (NASDAQ:PRTH) Sees Unusually-High Trading Volume - Here's What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) saw unusually-strong 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.

Analyst Upgrades and Downgrades

PRTH has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $12.00 price objective (down previously from $14.00) on shares of Priority Technology in a research report on Friday, March 7th. Lake Street Capital lifted their price objective on Priority Technology from $8.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, November 22nd. Finally, B. Riley lifted their price objective on Priority Technology from $13.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, November 25th.

Priority Technology Stock Up 6.6 %

The stock has a market cap of $597.44 million, a PE ratio of -18.49 and a beta of 0.99. The stock has a 50-day moving average of $9.93 and a 200 day moving average of $8.36.

Insider Buying and Selling at Priority Technology

In other Priority Technology news, CEO Thomas Charles Priore sold 105,833 shares of Priority Technology 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 sale, the chief executive officer now owns 33,919,486 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Kiewiet sold 170,596 shares of Priority Technology stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $10.60, for a total value of $1,808,317.60. Following the completion of the sale, the insider now directly owns 711,853 shares of the company's stock, valued at $7,545,641.80. The trade was a 19.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,293,127 shares of company stock worth $39,920,204 over the last quarter. 76.30% of the stock is currently owned by company insiders.

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Institutional Investors Weigh In On Priority Technology

A number of institutional investors have recently modified their holdings of the company. Steamboat Capital Partners LLC acquired a new position in Priority Technology during the 4th quarter worth $9,382,000. Invesco Ltd. purchased a new stake in shares of Priority Technology in the 4th quarter valued at about $4,883,000. Geode Capital Management LLC raised its stake in Priority Technology by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company's stock valued at $2,707,000 after acquiring an additional 21,598 shares during the last quarter. Divisadero Street Capital Management LP purchased a new stake in Priority Technology during the 4th quarter valued at approximately $4,524,000. Finally, Renaissance Technologies LLC raised its stake in Priority Technology by 405.6% during the 4th quarter. Renaissance Technologies LLC now owns 242,200 shares of the company's stock valued at $2,846,000 after acquiring an additional 194,300 shares during the last quarter. 11.52% of the stock is owned by institutional investors and hedge funds.

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.