Priority Technology (NASDAQ:PRTH) Trading Down 6.8% - Here's Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) was down 6.8% during trading on Friday . The stock traded as low as $10.89 and last traded at $11.03. Approximately 135,998 shares changed hands during trading, an increase of 56% from the average daily volume of 86,951 shares. The stock had previously closed at $11.84.

Analyst Ratings Changes

Several research analysts have weighed in on PRTH shares. B. Riley boosted their price target on Priority Technology from $13.00 to $16.00 and gave the stock a "buy" rating in a research report 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 increased 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 Stock Down 6.9 %

The stock has a market cap of $850.72 million, a P/E ratio of -26.24 and a beta of 1.19. The firm has a 50 day simple moving average of $8.22 and a 200-day simple moving average of $6.48.

Insider Activity at Priority Technology

In related news, insider Sean Kiewiet sold 4,483 shares of Priority Technology 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 completion of the sale, the insider now owns 1,065,158 shares of the company's stock, valued at approximately $6,390,948. The trade was a 0.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 76,766 shares of company stock worth $656,166. Company insiders own 76.30% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new position in shares of Priority Technology in the second quarter valued at approximately $202,000. Pekin Hardy Strauss Inc. bought a new stake in Priority Technology in the 2nd quarter valued at $301,000. Rebalance LLC acquired a new position in Priority Technology in the 3rd quarter valued at $4,822,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Priority Technology during the 3rd quarter worth $112,000. Finally, Charles Schwab Investment Management Inc. lifted 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 worth $386,000 after buying an additional 7,719 shares in 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.