Priority Technology Holdings, Inc. (NASDAQ:PRTH – Get Free Report)’s share price traded down 6.4% on Tuesday . The company traded as low as $6.72 and last traded at $6.6830. Approximately 311,079 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 337,204 shares. The stock had previously closed at $7.14.
Analyst Ratings Changes
A number of research firms have weighed in on PRTH. TD Securities decreased their price target on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. TD Cowen cut their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research note on Wednesday, June 24th. Zacks Research upgraded shares of Priority Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, June 10th. Finally, Wall Street Zen upgraded shares of Priority Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 20th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.75.
Read Our Latest Research Report on PRTH
Priority Technology Stock Performance
Priority Technology (NASDAQ:PRTH – Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.06. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%.The business had revenue of $249.56 million during the quarter, compared to analysts’ expectations of $242.87 million. As a group, equities research analysts forecast that Priority Technology Holdings, Inc. will post 1.24 EPS for the current year.
Institutional Investors Weigh In On Priority Technology
A number of hedge funds and other institutional investors have recently made changes to their positions in PRTH. BNP Paribas Financial Markets boosted its position in shares of Priority Technology by 57.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after acquiring an additional 1,863 shares in the last quarter. Rhumbline Advisers raised its position in Priority Technology by 10.2% during the first quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock valued at $178,000 after purchasing an additional 2,425 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Priority Technology by 25.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company’s stock worth $89,000 after purchasing an additional 2,648 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Priority Technology by 14.4% in the 3rd quarter. Alliancebernstein L.P. now owns 25,460 shares of the company’s stock valued at $175,000 after purchasing an additional 3,200 shares in the last quarter. Finally, Quarry LP increased its stake in shares of Priority Technology by 3.9% in the 3rd quarter. Quarry LP now owns 88,122 shares of the company’s stock valued at $605,000 after purchasing an additional 3,303 shares during the last quarter. 11.52% of the stock is currently owned by institutional investors and hedge funds.
Priority Technology Company Profile
Priority Technology Acquisition Corp is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization or similar business combination with one or more businesses in the technology sector. As a blank-check company, it does not conduct any operations of its own and holds the proceeds from its initial public offering in a trust account pending the identification and completion of a business combination.
The company’s management team is focused on evaluating target businesses that offer scalable technology products or services, including software, digital platforms and related infrastructure.
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