Priority Technology (NASDAQ:PRTH) Trading Up 2.8% - Here's Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) shares were up 2.8% during mid-day trading on Monday . The stock traded as high as $6.92 and last traded at $6.94. Approximately 171,796 shares traded hands during trading, a decline of 31% from the average daily volume of 249,665 shares. The stock had previously closed at $6.75.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. TD Cowen raised Priority Technology to a "strong-buy" rating in a report on Tuesday, March 18th. Keefe, Bruyette & Woods reissued 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.

Priority Technology Stock Down 2.8 %

The stock has a market capitalization of $521.64 million, a P/E ratio of -15.62 and a beta of 1.20. The company has a fifty day moving average price of $9.19 and a 200-day moving average price of $8.54.

Insider Buying and Selling at Priority Technology

In related news, Director John Vito Priore sold 1,242,856 shares of the firm's stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total value of $9,246,848.64. Following the completion of the transaction, the director now directly owns 4,071,574 shares of the company's stock, valued at approximately $30,292,510.56. This trade represents a 23.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Charles Priore sold 294,167 shares of the business's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $7.44, for a total transaction of $2,188,602.48. Following the completion of the sale, the chief executive officer now owns 34,025,319 shares in the company, valued at $253,148,373.36. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,122,431 shares of company stock worth $38,110,887 in the last quarter. 76.30% of the stock is owned by corporate insiders.

Institutional Trading of Priority Technology

Several hedge funds have recently made changes to their positions in PRTH. Barclays PLC increased its stake in Priority Technology by 255.9% during the third quarter. Barclays PLC now owns 26,064 shares of the company's stock worth $178,000 after acquiring an additional 18,741 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Priority Technology by 384.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 79,515 shares of the company's stock valued at $934,000 after buying an additional 63,100 shares during the period. Rhumbline Advisers raised its holdings in Priority Technology by 9.0% during the 4th quarter. Rhumbline Advisers now owns 23,706 shares of the company's stock valued at $279,000 after buying an additional 1,964 shares during the period. Jane Street Group LLC lifted its position in 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 last quarter. Finally, Geode Capital Management LLC boosted its stake in Priority Technology by 5.8% during the third quarter. Geode Capital Management LLC now owns 396,335 shares of the company's stock worth $2,707,000 after buying an additional 21,598 shares during the period. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

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.