Priority Technology (NASDAQ:PRTH) Cut to Hold at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods downgraded shares of Priority Technology (NASDAQ:PRTH) from a moderate buy rating to a hold rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $6.00 target price on the stock, down from their prior target price of $9.00.

Other research analysts have also recently issued research reports about the company. Wall Street Zen upgraded Priority Technology from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Alliance Global Partners restated a “buy” rating on shares of Priority Technology in a report on Thursday, November 6th. Industrial Alliance Securities set a $11.00 price target on Priority Technology in a research report on Thursday, November 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research report on Wednesday, October 8th. Finally, Zacks Research lowered shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.50.

Priority Technology Price Performance

Shares of NASDAQ PRTH opened at $5.33 on Tuesday. Priority Technology has a 1 year low of $4.44 and a 1 year high of $12.47. The firm has a 50-day moving average of $6.99 and a 200 day moving average of $7.47. The stock has a market cap of $436.37 million, a P/E ratio of 10.06 and a beta of 1.85.

Priority Technology (NASDAQ:PRTH) last announced its earnings results on Thursday, November 6th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Priority Technology had a net margin of 5.78% and a negative return on equity of 60.29%. The business had revenue of $241.44 million for the quarter, compared to the consensus estimate of $251.74 million. Priority Technology has set its FY 2025 guidance at EPS. Research analysts expect that Priority Technology will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new stake in shares of Priority Technology during the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets lifted its position in Priority Technology by 57.3% during the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock valued at $35,000 after purchasing an additional 1,863 shares during the period. AlphaQuest LLC bought a new position in Priority Technology during the first quarter valued at approximately $37,000. Strs Ohio purchased a new stake in Priority Technology in the first quarter worth approximately $46,000. Finally, CWM LLC grew its position in Priority Technology by 13,386.7% in the 1st quarter. CWM LLC now owns 8,092 shares of the company’s stock worth $55,000 after purchasing an additional 8,032 shares during the period. 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.