Priority Technology (NASDAQ:PRTH) Trading Up 5.4% – Here’s Why

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) were up 5.4% on Thursday . The stock traded as high as $10.05 and last traded at $9.94. Approximately 152,362 shares traded hands during trading, an increase of 118% from the average daily volume of 69,932 shares. The stock had previously closed at $9.43.

Wall Street Analyst Weigh In

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

Priority Technology Price Performance

The business’s fifty day moving average price is $7.11 and its 200 day moving average price is $5.85.

Insider Buying and Selling at Priority Technology

In other news, insider Sean Kiewiet sold 11,664 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $6.61, for a total value of $77,099.04. Following the transaction, the insider now owns 1,073,494 shares of the company’s stock, valued at approximately $7,095,795.34. The trade was a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Rajiv Kumar sold 10,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.13, for a total value of $61,300.00. Following the sale, the chief accounting officer now directly owns 11,587 shares of the company’s stock, valued at approximately $71,028.31. This represents a 46.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,078 shares of company stock worth $710,581. 76.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Priority Technology by 25.7% in the 1st quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock valued at $2,494,000 after buying an additional 156,044 shares during the period. Rebalance LLC purchased a new position in Priority Technology in the third quarter worth $4,822,000. Geode Capital Management LLC boosted its position in shares of Priority Technology by 5.8% during the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock worth $2,707,000 after purchasing an additional 21,598 shares in the last quarter. Corsair Capital Management L.P. increased 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 valued at $720,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Pekin Hardy Strauss Inc. lifted its stake in shares of Priority Technology by 17.0% in the third quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock valued at $455,000 after purchasing an additional 9,675 shares during the period. 11.52% of the stock is currently owned by institutional investors and hedge funds.

Priority Technology Company Profile

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.