Priority Technology (NASDAQ:PRTH) Stock Price Down 3.9% - Here's What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s share price fell 3.9% on Friday . The company traded as low as $8.17 and last traded at $8.30. 42,968 shares were traded during trading, a decline of 46% from the average session volume of 79,408 shares. The stock had previously closed at $8.64.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PRTH. Lake Street Capital lifted their price objective on Priority Technology from $8.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods boosted their price target on 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, B. Riley lifted 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.

Priority Technology Stock Performance

The company's fifty day moving average is $7.74 and its two-hundred day moving average is $6.23. The firm has a market cap of $663.13 million, a price-to-earnings ratio of -20.45 and a beta of 1.20.

Insider Buying and Selling at Priority Technology

In other news, insider Sean Kiewiet sold 4,483 shares of Priority Technology stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $6.00, for a total transaction of $26,898.00. Following the sale, the insider now owns 1,065,158 shares in the company, valued at $6,390,948. This trade represents a 0.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 76,766 shares of company stock valued at $656,166 over the last three months. 76.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Rebalance LLC acquired a new position in Priority Technology in the 3rd quarter worth $4,822,000. Renaissance Technologies LLC purchased a new stake in shares of Priority Technology during the second quarter worth about $202,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Priority Technology by 15.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company's stock worth $386,000 after acquiring an additional 7,719 shares in the last quarter. Pekin Hardy Strauss Inc. purchased a new position in Priority Technology in the second quarter valued at about $301,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Priority Technology during the 3rd quarter worth approximately $112,000. 11.52% of the stock is currently owned by hedge funds and other 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.