Hennessy Advisors Inc. Reduces Stock Position in Priority Technology Holdings, Inc. $PRTH

Hennessy Advisors Inc. reduced its holdings in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) by 60.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,000 shares of the company’s stock after selling 15,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Priority Technology were worth $78,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRTH. AlphaQuest LLC bought a new stake in Priority Technology during the 1st quarter worth approximately $37,000. Strs Ohio bought a new stake in Priority Technology during the 1st quarter worth approximately $46,000. CWM LLC increased its holdings in Priority Technology by 13,386.7% during the 1st quarter. CWM LLC now owns 8,092 shares of the company’s stock worth $55,000 after acquiring an additional 8,032 shares during the period. US Bancorp DE bought a new stake in Priority Technology during the 1st quarter worth approximately $58,000. Finally, Corebridge Financial Inc. increased its holdings in Priority Technology by 19.0% during the 1st quarter. Corebridge Financial Inc. now owns 10,876 shares of the company’s stock worth $74,000 after acquiring an additional 1,733 shares during the period. Institutional investors own 11.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PRTH. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Saturday, September 27th. Wall Street Zen raised shares of Priority Technology from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Cowen reissued a “buy” rating on shares of Priority Technology in a report on Friday, August 8th. Finally, Zacks Research cut shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Priority Technology has a consensus rating of “Moderate Buy” and an average price target of $13.00.

Priority Technology Stock Up 2.2%

Shares of Priority Technology stock opened at $6.98 on Monday. The firm has a market cap of $557.84 million, a PE ratio of 26.85 and a beta of 1.86. Priority Technology Holdings, Inc. has a 12-month low of $5.01 and a 12-month high of $12.47. The company’s fifty day simple moving average is $7.51 and its two-hundred day simple moving average is $7.52.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. The business had revenue of $239.81 million for the quarter, compared to analyst estimates of $239.63 million. Priority Technology had a net margin of 4.03% and a negative return on equity of 47.35%. Priority Technology has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current fiscal year.

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.