Priority Technology (NASDAQ:PRTH) Trading Down 2.6% - Here's What Happened

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) fell 2.6% during trading on Thursday . The company traded as low as $11.25 and last traded at $11.44. 83,130 shares were traded during trading, a decline of 11% from the average session volume of 92,905 shares. The stock had previously closed at $11.75.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRTH. B. Riley upped their price objective on Priority Technology from $13.00 to $16.00 and gave the company a "buy" rating in a research note on Monday, November 25th. 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 report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Priority Technology from $9.00 to $10.00 and gave the company a "market perform" rating in a research note on Friday, November 22nd.

Priority Technology Price Performance

The company has a fifty day moving average of $8.58 and a 200 day moving average of $6.65. The firm has a market capitalization of $887.01 million, a P/E ratio of -27.36 and a beta of 1.20.

Insider Transactions at Priority Technology

In related news, insider Sean Kiewiet sold 170,596 shares of the business's stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $10.60, for a total transaction of $1,808,317.60. Following the transaction, the insider now owns 711,853 shares in the company, valued at $7,545,641.80. The trade was a 19.33 % 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 a total of 231,215 shares of company stock worth $2,360,486 over the last three months. 76.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Priority Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rebalance LLC bought a new position in shares of Priority Technology in the 3rd quarter worth $4,822,000. Renaissance Technologies LLC bought a new position in shares of Priority Technology in the second quarter valued at $202,000. Charles Schwab Investment Management Inc. grew its holdings 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 buying an additional 7,719 shares during the last quarter. Pekin Hardy Strauss Inc. bought a new stake in shares of Priority Technology during the second quarter worth about $301,000. Finally, BNP Paribas Financial Markets raised its holdings 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 worth $109,000 after acquiring an additional 6,096 shares during the last quarter. 11.52% of the stock is 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.