Priority Technology (NASDAQ:PRTH) Reaches New 52-Week High - Here's What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $12.32 and last traded at $12.26, with a volume of 116011 shares changing hands. The stock had previously closed at $11.49.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. B. Riley lifted their price objective on Priority Technology from $13.00 to $16.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Lake Street Capital boosted their price target 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, Keefe, Bruyette & Woods raised their price objective on shares of Priority Technology from $9.00 to $10.00 and gave the stock a "market perform" rating in a report on Friday, November 22nd.

Priority Technology Stock Up 2.3 %

The business has a 50-day simple moving average of $8.45 and a two-hundred day simple moving average of $6.62. The stock has a market capitalization of $907.08 million, a P/E ratio of -27.98 and a beta of 1.20.

Insider Buying and Selling

In related news, insider Sean Kiewiet sold 4,483 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $6.00, for a total transaction of $26,898.00. Following the sale, the insider now directly owns 1,065,158 shares in the company, valued at $6,390,948. This represents a 0.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 235,698 shares of company stock worth $2,387,384 in the last quarter. 76.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Priority Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Rebalance LLC bought a new position in shares of Priority Technology in the third quarter valued at about $4,822,000. Renaissance Technologies LLC acquired a new position in shares of Priority Technology during the second quarter worth approximately $202,000. Charles Schwab Investment Management Inc. grew its stake in shares of Priority Technology by 15.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company's stock valued at $386,000 after purchasing an additional 7,719 shares during the last quarter. Pekin Hardy Strauss Inc. acquired a new stake in shares of Priority Technology in the second quarter valued at approximately $301,000. Finally, BNP Paribas Financial Markets raised its position in Priority Technology by 61.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company's stock worth $109,000 after purchasing an additional 6,096 shares during the last quarter. Institutional investors and hedge funds own 11.52% of the company's stock.

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.