Priority Technology (NASDAQ:PRTH) Trading Down 6.9% - What's Next?

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s share price was down 6.9% on Friday . The stock traded as low as $10.94 and last traded at $11.01. Approximately 197,140 shares traded hands during trading, a decline of 72% from the average daily volume of 713,290 shares. The stock had previously closed at $11.82.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. B. Riley upped their target price on Priority Technology from $13.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods raised shares of Priority Technology from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $10.00 to $14.00 in a research note on Thursday, January 16th. Finally, Lake Street Capital lifted their price target on shares of Priority Technology from $8.00 to $13.00 and gave the company a "buy" rating in a research note on Friday, November 22nd.

Priority Technology Stock Down 2.7 %

The stock's 50-day moving average price is $10.39 and its 200 day moving average price is $8.09. The firm has a market capitalization of $807.49 million, a price-to-earnings ratio of -24.90 and a beta of 1.17.

Insider Activity at Priority Technology

In related news, insider Sean Kiewiet sold 6,467 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $10.10, for a total transaction of $65,316.70. Following the completion of the transaction, the insider now owns 909,894 shares of the company's stock, valued at approximately $9,189,929.40. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Charles Priore sold 294,167 shares of the firm's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $7.44, for a total value of $2,188,602.48. Following the transaction, the chief executive officer now owns 34,025,319 shares of the company's stock, valued at approximately $253,148,373.36. This represents a 0.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,321,468 shares of company stock valued at $40,197,454. 76.30% of the stock is currently owned by insiders.

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Hedge Funds Weigh In On Priority Technology

Institutional investors have recently bought and sold shares of the company. National Bank of Canada FI purchased a new position in Priority Technology in the 4th quarter valued at approximately $56,000. Deutsche Bank AG purchased a new position in shares of Priority Technology in the 4th quarter valued at $60,000. Virtu Financial LLC acquired a new stake in shares of Priority Technology during the third quarter worth about $91,000. SG Americas Securities LLC acquired a new position in Priority Technology during the fourth quarter worth approximately $100,000. Finally, Wells Fargo & Company MN raised its position in Priority Technology by 53.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,593 shares of the company's stock valued at $101,000 after purchasing an additional 3,006 shares during the last quarter. 11.52% of the stock is owned by institutional investors and hedge funds.

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.