Priority Technology (NASDAQ:PRTH) Shares Gap Down - Here's What Happened

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $8.06, but opened at $7.75. Priority Technology shares last traded at $7.71, with a volume of 1,095,493 shares changing hands.

Analyst Ratings Changes

PRTH has been the subject of several recent analyst reports. Keefe, Bruyette & Woods upgraded Priority Technology from a "market perform" rating to an "outperform" rating and upped their price target for the stock from $10.00 to $14.00 in a research note on Thursday. B. Riley increased their price target on Priority Technology from $13.00 to $16.00 and gave the company a "buy" rating in a report on Monday, November 25th. Finally, Lake Street Capital boosted their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, November 22nd.

Priority Technology Stock Up 2.8 %

The firm has a 50-day moving average price of $9.66 and a two-hundred day moving average price of $7.08. The company has a market capitalization of $687.08 million, a P/E ratio of -21.19 and a beta of 1.17.

Insider Activity

In other Priority Technology news, insider Sean Kiewiet sold 22,178 shares of the company's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $10.01, for a total value of $222,001.78. Following the completion of the transaction, the insider now owns 1,009,675 shares of the company's stock, valued at $10,106,846.75. This represents a 2.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 231,215 shares of company stock valued at $2,360,486. Insiders own 76.30% of the company's stock.

Institutional Trading of Priority Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Priority Technology during the fourth quarter worth $100,000. Virtu Financial LLC acquired a new stake in shares of Priority Technology during the 3rd quarter valued at about $91,000. BNP Paribas Financial Markets boosted its position in shares of Priority Technology by 61.7% during 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Priority Technology in the third quarter valued at about $112,000. Finally, Jane Street Group LLC raised its position in Priority Technology by 6.1% in the third quarter. Jane Street Group LLC now owns 22,347 shares of the company's stock worth $153,000 after purchasing an additional 1,293 shares in the last quarter. 11.52% of the stock is currently owned by institutional investors.

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.