Priority Technology (NASDAQ:PRTH) Raised to Strong-Buy at TD Cowen

Priority Technology (NASDAQ:PRTH - Get Free Report) was upgraded by research analysts at TD Cowen to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on PRTH. B. Riley lifted their target price on Priority Technology from $13.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $12.00 price target (down previously from $14.00) on shares of Priority Technology in a research report on Friday, March 7th. Finally, Lake Street Capital increased their target price on Priority Technology from $8.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, November 22nd.

Priority Technology Stock Up 2.0 %

PRTH stock traded up $0.16 during midday trading on Tuesday, hitting $8.05. 543,639 shares of the company traded hands, compared to its average volume of 239,196. The stock has a market capitalization of $640.13 million, a price-to-earnings ratio of -19.17 and a beta of 0.99. The business has a 50 day simple moving average of $9.47 and a 200-day simple moving average of $8.49. Priority Technology has a twelve month low of $2.82 and a twelve month high of $12.47.

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Insiders Place Their Bets

In other news, insider Sean Kiewiet sold 170,596 shares of the company's stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $10.60, for a total transaction of $1,808,317.60. Following the transaction, the insider now directly owns 711,853 shares in the company, valued at approximately $7,545,641.80. This represents a 19.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Vito Priore sold 1,242,856 shares of the business'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 transaction of $9,246,848.64. Following the completion of the transaction, the director now owns 4,071,574 shares of the company's stock, valued at $30,292,510.56. This trade represents a 23.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,293,027 shares of company stock valued at $39,919,204. 76.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Priority Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Steamboat Capital Partners LLC acquired a new stake in shares of Priority Technology during the 4th quarter worth approximately $9,382,000. Invesco Ltd. acquired a new stake in Priority Technology during the 4th quarter worth $4,883,000. Geode Capital Management LLC raised its position in shares of Priority Technology by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company's stock valued at $2,707,000 after acquiring an additional 21,598 shares during the last quarter. Divisadero Street Capital Management LP acquired a new position in shares of Priority Technology in the 4th quarter valued at $4,524,000. Finally, Renaissance Technologies LLC boosted its position in shares of Priority Technology by 405.6% in the 4th quarter. Renaissance Technologies LLC now owns 242,200 shares of the company's stock worth $2,846,000 after purchasing an additional 194,300 shares during the last quarter. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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.