Priority Technology (NASDAQ:PRTH) Trading Down 9.5% – Time to Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares dropped 9.5% on Monday . The company traded as low as $9.67 and last traded at $9.68. Approximately 175,751 shares changed hands during trading, a decline of 46% from the average daily volume of 324,675 shares. The stock had previously closed at $10.70.

Analysts Set New Price Targets

PRTH has been the subject of several analyst reports. Lake Street Capital raised their price target on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods increased their price objective on Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Friday, November 22nd. Finally, B. Riley lifted their target price on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, November 25th.

Priority Technology Stock Performance

The stock has a market cap of $622.22 million, a P/E ratio of -19.19 and a beta of 1.17. The firm’s fifty day simple moving average is $9.59 and its 200-day simple moving average is $7.06.

Insider Buying and Selling

In related news, insider Sean Kiewiet sold 5,700 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $5.11, for a total transaction of $29,127.00. Following the completion of the sale, the insider now owns 1,055,158 shares of the company’s stock, valued at $5,391,857.38. This trade represents a 0.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 231,215 shares of company stock valued at $2,360,486 over the last quarter. Insiders own 76.30% of the company’s stock.

Hedge Funds Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC acquired a new position in shares of Priority Technology during the 3rd quarter valued at $91,000. BNP Paribas Financial Markets increased its stake in Priority Technology by 61.7% in the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock valued at $109,000 after purchasing an additional 6,096 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Priority Technology in the third quarter valued at $112,000. Jane Street Group LLC raised its holdings in shares of Priority Technology by 6.1% during the third 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. Finally, Barclays PLC boosted its position in shares of Priority Technology by 255.9% during the 3rd quarter. Barclays PLC now owns 26,064 shares of the company’s stock worth $178,000 after purchasing an additional 18,741 shares in the last quarter. 11.52% of the stock is currently owned by institutional investors.

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.