Priority Technology (NASDAQ:PRTH) Stock Price Down 10.3% - What's Next?

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) shares dropped 10.3% during mid-day trading on Monday . The stock traded as low as $9.71 and last traded at $9.62. Approximately 257,077 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 685,928 shares. The stock had previously closed at $10.73.

Analysts Set New Price Targets

PRTH has been the topic of several research reports. Lake Street Capital lifted their price target 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 lifted their target price on shares of Priority Technology from $13.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Finally, Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $12.00 price target (down from $14.00) on shares of Priority Technology in a research note on Friday.

Priority Technology Trading Down 1.2 %

The firm has a market capitalization of $591.34 million, a PE ratio of -18.24 and a beta of 0.99. The stock has a 50 day simple moving average of $10.34 and a 200 day simple moving average of $8.27.

Insider Buying and Selling

In related news, Director John Vito Priore sold 3,454,575 shares of the firm's stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $7.44, for a total value of $25,702,038.00. Following the sale, the director now directly owns 5,314,430 shares of the company's stock, valued at $39,539,359.20. This trade represents a 39.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $1,808,317.60. Following the transaction, the insider now directly owns 711,853 shares of the company's stock, valued at $7,545,641.80. The trade was a 19.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,293,227 shares of company stock valued at $39,921,204 over the last three months. 76.30% of the stock is owned by company insiders.

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Institutional Trading of Priority Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC increased its position in 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 purchasing an additional 18,741 shares during the period. Jane Street Group LLC boosted its stake in shares of Priority Technology by 6.1% during the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company's stock valued at $153,000 after purchasing an additional 1,293 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Priority Technology by 5.8% during the third quarter. Geode Capital Management LLC now owns 396,335 shares of the company's stock valued at $2,707,000 after buying an additional 21,598 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Priority Technology by 15.8% in 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. Finally, JPMorgan Chase & Co. raised its stake in Priority Technology by 273.0% in the third quarter. JPMorgan Chase & Co. now owns 33,900 shares of the company's stock worth $232,000 after buying an additional 24,811 shares in the last quarter. Hedge funds and other institutional investors own 11.52% of the company's stock.

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.