Priority Technology (NASDAQ:PRTH) Shares Up 5.8% – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares traded up 5.8% during mid-day trading on Monday . The stock traded as high as $9.09 and last traded at $9.09. 128,629 shares were traded during trading, an increase of 59% from the average session volume of 80,814 shares. The stock had previously closed at $8.59.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PRTH. B. Riley raised their price objective on 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 upped their price objective on shares of Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Friday, November 22nd. Finally, Lake Street Capital raised their target price on Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd.

Priority Technology Trading Up 17.5 %

The stock has a market capitalization of $836.05 million, a P/E ratio of -25.79 and a beta of 1.19. The business’s fifty day simple moving average is $7.94 and its two-hundred day simple moving average is $6.36.

Insider Activity at Priority Technology

In other Priority Technology news, insider Sean Kiewiet sold 11,664 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $6.61, for a total value of $77,099.04. Following the sale, the insider now owns 1,073,494 shares of the company’s stock, valued at $7,095,795.34. The trade was a 1.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold 76,766 shares of company stock worth $656,166 over the last three months. Company insiders own 76.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new stake in Priority Technology during the second quarter valued at approximately $202,000. Pekin Hardy Strauss Inc. bought a new stake in Priority Technology in the second quarter valued at $301,000. Rebalance LLC acquired a new position in Priority Technology during the third quarter worth $4,822,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Priority Technology during the third quarter valued at $112,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Priority Technology by 15.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock valued at $386,000 after purchasing an additional 7,719 shares in the last quarter. Institutional investors and hedge funds 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.