Priority Technology (NASDAQ:PRTH) Trading Down 4.9% - Time to Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) fell 4.9% during trading on Friday . The stock traded as low as $9.30 and last traded at $9.57. 114,946 shares changed hands during mid-day trading, an increase of 75% from the average session volume of 65,767 shares. The stock had previously closed at $10.06.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. 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 note on Friday, November 22nd. Lake Street Capital raised their price objective 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, B. Riley upped their target price on Priority Technology from $13.00 to $16.00 and gave the stock a "buy" rating in a report on Monday, November 25th.

Priority Technology Stock Performance

The stock's 50-day moving average price is $6.94 and its two-hundred day moving average price is $5.72. The stock has a market capitalization of $717.68 million, a PE ratio of -22.14 and a beta of 1.01.

Insiders Place Their Bets

In related news, CAO Rajiv Kumar sold 10,000 shares of the company's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.13, for a total value of $61,300.00. Following the transaction, the chief accounting officer now owns 11,587 shares in the company, valued at $71,028.31. The trade was a 46.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sean Kiewiet sold 4,483 shares of the stock in a transaction dated 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 directly 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,302 shares of company stock worth $286,501. 76.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PRTH. Virtu Financial LLC purchased a new stake in shares of Priority Technology during the first quarter valued at $50,000. Williams & Novak LLC purchased a new stake in shares of Priority Technology during the 2nd quarter valued at about $77,000. State Board of Administration of Florida Retirement System bought a new stake in shares of Priority Technology in the first quarter worth approximately $91,000. BNP Paribas Financial Markets raised its holdings in shares of Priority Technology by 61.7% during the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company's stock valued at $109,000 after purchasing an additional 6,096 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Priority Technology during the third quarter valued at approximately $112,000. Institutional investors own 11.52% of the company's stock.

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.