Priority Technology (NASDAQ:PRTH) Shares Down 7% – Time to Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price traded down 7% on Friday . The stock traded as low as $9.10 and last traded at $9.10. 23,817 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 70,626 shares. The stock had previously closed at $9.79.

Wall Street Analyst Weigh In

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

Priority Technology Price Performance

The stock has a market capitalization of $739.56 million, a PE ratio of -21.67 and a beta of 1.20. The company has a 50 day moving average price of $7.16 and a 200-day moving average price of $5.88.

Insiders Place Their Bets

In related news, insider Sean Kiewiet sold 5,700 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $5.11, for a total value of $29,127.00. Following the transaction, the insider now owns 1,055,158 shares in the company, valued at $5,391,857.38. The trade was a 0.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Rajiv Kumar sold 10,000 shares of Priority Technology stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $6.13, for a total transaction of $61,300.00. Following the completion of the transaction, the chief accounting officer now directly owns 11,587 shares of the company’s stock, valued at $71,028.31. This trade represents a 46.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 86,078 shares of company stock worth $710,581. 76.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Priority Technology

Several institutional investors and hedge funds have recently made changes to their positions in PRTH. Vanguard Group Inc. lifted its position in 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 acquiring an additional 156,044 shares in the last quarter. Rebalance LLC purchased a new stake in shares of Priority Technology during the third quarter valued at $4,822,000. Renaissance Technologies LLC bought a new position in Priority Technology during the 2nd quarter valued at about $202,000. Pekin Hardy Strauss Inc. bought a new stake in shares of Priority Technology in the second quarter worth approximately $301,000. Finally, Virtu Financial LLC purchased a new position in shares of Priority Technology during the first quarter valued at approximately $50,000. Institutional investors own 11.52% of the company’s stock.

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.