Priority Technology (NASDAQ:PRTH) Shares Down 2.6% – Here’s What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares fell 2.6% during mid-day trading on Thursday . The stock traded as low as $11.25 and last traded at $11.44. 83,130 shares traded hands during mid-day trading, a decline of 11% from the average session volume of 92,905 shares. The stock had previously closed at $11.75.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PRTH shares. Lake Street Capital raised their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. B. Riley raised their price target on shares of Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Friday, November 22nd.

Priority Technology Price Performance

The company has a fifty day moving average price of $8.84 and a 200 day moving average price of $6.74. The stock has a market cap of $948.76 million, a P/E ratio of -29.26 and a beta of 1.20.

Insider Buying and Selling

In other news, insider Sean Kiewiet sold 170,596 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 711,853 shares in the company, valued at $7,545,641.80. This represents a 19.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold 231,215 shares of company stock worth $2,360,486 in the last quarter. Insiders own 76.30% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

Large investors have recently made changes to their positions in the business. Virtu Financial LLC bought a new position in Priority Technology during the third quarter valued at $91,000. BNP Paribas Financial Markets lifted its position 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Priority Technology during the 3rd quarter worth $112,000. Jane Street Group LLC increased its holdings in 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 during the last quarter. Finally, Barclays PLC raised its stake in Priority Technology by 255.9% in the 3rd quarter. Barclays PLC now owns 26,064 shares of the company’s stock valued at $178,000 after acquiring an additional 18,741 shares during the period. 11.52% of the stock is owned by hedge funds and other institutional investors.

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.