Priority Technology (NASDAQ:PRTH) Trading Down 9.5% - Time to Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s stock price dropped 9.5% on Monday . The company traded as low as $9.67 and last traded at $9.68. Approximately 175,751 shares traded hands during trading, a decline of 46% from the average daily volume of 324,675 shares. The stock had previously closed at $10.70.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PRTH shares. Lake Street Capital upped their target price on shares of Priority Technology from $8.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, November 22nd. B. Riley upped their price objective on Priority Technology from $13.00 to $16.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Finally, Keefe, Bruyette & Woods lifted their target price on Priority Technology from $9.00 to $10.00 and gave the stock a "market perform" rating in a report on Friday, November 22nd.

Priority Technology Price Performance

The business's 50 day moving average price is $9.51 and its 200 day moving average price is $7.03. The stock has a market capitalization of $728.75 million, a P/E ratio of -22.48 and a beta of 1.17.

Insiders Place Their Bets

In other Priority Technology news, insider Sean Kiewiet sold 170,596 shares of the firm's stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $10.60, for a total value of $1,808,317.60. Following the transaction, the insider now directly owns 711,853 shares of the company's stock, valued at approximately $7,545,641.80. This trade represents a 19.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 231,215 shares of company stock valued at $2,360,486. Company insiders own 76.30% of the company's stock.

Institutional Trading of Priority Technology

Large investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in shares of Priority Technology during the 3rd quarter worth $91,000. BNP Paribas Financial Markets grew its holdings in 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 period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Priority Technology in the third quarter worth about $112,000. Jane Street Group LLC raised its stake in shares of Priority Technology by 6.1% in the third quarter. Jane Street Group LLC now owns 22,347 shares of the company's stock worth $153,000 after buying an additional 1,293 shares during the period. Finally, Barclays PLC grew its stake in shares of Priority Technology by 255.9% during the 3rd quarter. Barclays PLC now owns 26,064 shares of the company's stock valued at $178,000 after acquiring an additional 18,741 shares during the period. 11.52% of the stock is currently 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.