Priority Technology (NASDAQ:PRTH) Shares Down 5.7% – Should You Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price dropped 5.7% during trading on Tuesday . The company traded as low as $7.60 and last traded at $7.59. Approximately 229,118 shares were traded during trading, a decline of 67% from the average daily volume of 691,028 shares. The stock had previously closed at $8.05.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. TD Cowen upgraded Priority Technology to a “strong-buy” rating in a report on Tuesday, March 18th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $12.00 price target (down previously from $14.00) on shares of Priority Technology in a research note on Friday, March 7th.

Priority Technology Stock Down 0.9 %

The firm has a market cap of $590.83 million, a P/E ratio of -17.69 and a beta of 0.99. The business’s 50 day moving average is $9.42 and its two-hundred day moving average is $8.50.

Insider Transactions at Priority Technology

In other Priority Technology news, COO Ranjana Ram sold 6,615 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total value of $49,215.60. Following the completion of the sale, the chief operating officer now directly owns 686,389 shares in the company, valued at approximately $5,106,734.16. This trade represents a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Vito Priore sold 1,242,856 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total transaction of $9,246,848.64. Following the transaction, the director now owns 4,071,574 shares in the company, valued at $30,292,510.56. This represents a 23.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,122,431 shares of company stock valued at $38,110,887. Corporate insiders own 76.30% of the company’s stock.

Institutional Trading of Priority Technology

Large investors have recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Priority Technology during the 3rd quarter worth approximately $112,000. Charles Schwab Investment Management Inc. raised its position in shares of Priority Technology by 15.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after purchasing an additional 7,719 shares during the period. BNP Paribas Financial Markets raised its position in shares of Priority Technology by 61.7% during the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock worth $109,000 after purchasing an additional 6,096 shares during the period. Corsair Capital Management L.P. lifted its holdings in shares of Priority Technology by 10.5% in the 3rd quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock worth $720,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Jane Street Group LLC grew its position in Priority Technology by 6.1% in the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock valued at $153,000 after purchasing an additional 1,293 shares during the period. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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.