Priority Technology (NASDAQ:PRTH) Trading Down 7% - Here's Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) traded down 7% on Friday . The stock traded as low as $9.10 and last traded at $9.10. 23,817 shares traded hands during trading, a decline of 66% from the average session volume of 70,626 shares. The stock had previously closed at $9.79.

Analysts Set New Price Targets

PRTH has been the topic of a number of research analyst reports. B. Riley increased their price objective on shares of Priority Technology from $13.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods increased their price target on Priority Technology from $9.00 to $10.00 and gave the stock a "market perform" rating in a report on Friday, November 22nd. Finally, Lake Street Capital raised their price objective on Priority Technology from $8.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, November 22nd.

Priority Technology Stock Down 1.8 %

The business's 50 day simple moving average is $7.22 and its two-hundred day simple moving average is $5.94. The stock has a market capitalization of $741.89 million, a P/E ratio of -22.88 and a beta of 1.20.

Insider Buying and Selling at Priority Technology

In other news, insider Sean Kiewiet sold 11,664 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $6.61, for a total transaction of $77,099.04. Following the transaction, the insider now directly owns 1,073,494 shares in the company, valued at approximately $7,095,795.34. This represents a 1.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Rajiv Kumar sold 10,000 shares of the business's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $6.13, for a total value of $61,300.00. Following the completion of the sale, the chief accounting officer now owns 11,587 shares of the company's stock, valued at $71,028.31. The trade was a 46.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,566 shares of company stock worth $715,466 over the last three months. 76.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PRTH. Jane Street Group LLC boosted its position in Priority Technology by 6.1% during the third quarter. Jane Street Group LLC now owns 22,347 shares of the company's stock valued at $153,000 after buying an additional 1,293 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Priority Technology by 61.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company's stock valued at $109,000 after acquiring an additional 6,096 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Priority Technology by 15.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company's stock valued at $386,000 after acquiring an additional 7,719 shares during the period. Pekin Hardy Strauss Inc. grew its position in Priority Technology by 17.0% during the 3rd quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company's stock worth $455,000 after acquiring an additional 9,675 shares during the last quarter. Finally, Corsair Capital Management L.P. increased its stake in Priority Technology by 10.5% in the 3rd quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company's stock worth $720,000 after purchasing an additional 10,000 shares during the period. 11.52% of the stock is currently owned by 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.