Priority Technology (NASDAQ:PRTH) Trading Down 5.7% - Time to Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s share price traded down 5.7% during trading on Tuesday . The company traded as low as $7.60 and last traded at $7.59. 229,118 shares changed hands during trading, a decline of 67% from the average session volume of 691,028 shares. The stock had previously closed at $8.05.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PRTH shares. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $12.00 target price (down previously from $14.00) on shares of Priority Technology in a report on Friday, March 7th. TD Cowen raised Priority Technology to a "strong-buy" rating in a report on Tuesday, March 18th.

Priority Technology Stock Down 9.2 %

The company has a market cap of $536.75 million, a price-to-earnings ratio of -16.07 and a beta of 0.99. The company has a fifty day simple moving average of $9.35 and a two-hundred day simple moving average of $8.53.

Insiders Place Their Bets

In related news, Director John Vito Priore sold 1,242,856 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total value of $9,246,848.64. Following the sale, the director now owns 4,071,574 shares of the company's stock, valued at approximately $30,292,510.56. This represents a 23.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Ranjana Ram sold 6,615 shares of the firm's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total value of $49,215.60. Following the transaction, the chief operating officer now directly owns 686,389 shares of the company's stock, valued at $5,106,734.16. The trade was a 0.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,122,431 shares of company stock worth $38,110,887. Insiders own 76.30% of the company's stock.

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Hedge Funds Weigh In On Priority Technology

Institutional investors have recently modified their holdings of the company. Jefferies Financial Group Inc. acquired a new stake in shares of Priority Technology during the fourth quarter worth $684,000. Two Sigma Advisers LP acquired a new stake in Priority Technology in the 4th quarter worth about $327,000. Two Sigma Investments LP purchased a new stake in Priority Technology in the 4th quarter valued at about $882,000. Steamboat Capital Partners LLC acquired a new position in shares of Priority Technology during the 4th quarter valued at about $9,382,000. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of Priority Technology during the 4th quarter valued at about $183,000. Institutional investors and hedge funds 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.