Priority Technology (NASDAQ:PRTH) Shares Gap Up - Here's Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s share price gapped up prior to trading on Thursday . The stock had previously closed at $10.83, but opened at $11.49. Priority Technology shares last traded at $11.55, with a volume of 147,513 shares changing hands.

Analyst Ratings Changes

PRTH has been the topic of a number of recent analyst reports. B. Riley increased their target price on Priority Technology from $13.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods lifted their target price on shares of Priority Technology from $9.00 to $10.00 and gave the company a "market perform" rating in a research report on Friday, November 22nd. Finally, Lake Street Capital boosted their target price 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 9.3 %

The company has a 50-day moving average of $8.02 and a 200 day moving average of $6.39. The stock has a market capitalization of $914.02 million, a PE ratio of -28.19 and a beta of 1.19.

Insider Transactions at Priority Technology

In related news, insider Sean Kiewiet sold 21,286 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.68, for a total value of $206,048.48. Following the completion of the sale, the insider now owns 888,608 shares of the company's stock, valued at approximately $8,601,725.44. This trade represents a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have sold 76,766 shares of company stock valued at $656,166. Corporate insiders own 76.30% of the company's stock.

Institutional Trading of Priority Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rebalance LLC purchased a new stake in shares of Priority Technology in the third quarter valued at about $4,822,000. Renaissance Technologies LLC acquired a new position in Priority Technology in the 2nd quarter valued at about $202,000. Charles Schwab Investment Management Inc. grew its stake in shares of Priority Technology by 15.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company's stock valued at $386,000 after buying an additional 7,719 shares during the period. Pekin Hardy Strauss Inc. acquired a new stake in shares of Priority Technology during the 2nd quarter worth approximately $301,000. Finally, BNP Paribas Financial Markets raised 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 buying an additional 6,096 shares during the period. 11.52% of the stock is owned by institutional investors and hedge funds.

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.