Priority Technology (NASDAQ:PRTH) Price Target Raised to $16.00

Priority Technology (NASDAQ:PRTH) had its price objective hoisted by B. Riley from $13.00 to $16.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price target indicates a potential upside of 87.35% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Lake Street Capital raised their price target on Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Friday. Keefe, Bruyette & Woods increased their price target on shares of Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Friday.

Priority Technology Price Performance

PRTH stock traded up $0.52 during midday trading on Monday, reaching $8.54. The company had a trading volume of 288,041 shares, compared to its average volume of 60,196. The firm has a 50-day moving average price of $6.63 and a 200-day moving average price of $5.52. The company has a market capitalization of $659.03 million, a P/E ratio of -20.48 and a beta of 1.01. Priority Technology has a 1 year low of $2.79 and a 1 year high of $9.85.

Insider Buying and Selling at Priority Technology

In related news, insider Sean Kiewiet sold 4,954 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $5.41, for a total transaction of $26,801.14. Following the completion of the transaction, the insider now owns 1,085,158 shares in the company, valued at $5,870,704.78. This represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Rajiv Kumar sold 10,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $6.13, for a total transaction of $61,300.00. Following the transaction, the chief accounting officer now directly owns 11,587 shares in the company, valued at approximately $71,028.31. The trade was a 46.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,302 shares of company stock worth $286,501. 76.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PRTH. Virtu Financial LLC bought a new stake in shares of Priority Technology during the third quarter valued at approximately $91,000. Williams & Novak LLC bought a new stake in shares of Priority Technology during the 2nd quarter valued at $77,000. BNP Paribas Financial Markets boosted its holdings in shares of Priority Technology by 61.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock valued at $109,000 after buying an additional 6,096 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Priority Technology in the 3rd quarter worth about $112,000. Finally, Jane Street Group LLC increased its stake in shares of Priority Technology by 6.1% in the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock worth $153,000 after acquiring an additional 1,293 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.