Priority Technology (NASDAQ:PRTH) CAO Rajiv Kumar Sells 10,000 Shares

Priority Technology Holdings, Inc. (NASDAQ:PRTH) CAO Rajiv Kumar sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $8.00, for a total value of $80,000.00. Following the sale, the chief accounting officer directly owned 46,074 shares of the company’s stock, valued at approximately $368,592. This represents a 17.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Priority Technology Stock Up 0.9%

NASDAQ PRTH opened at $5.91 on Friday. Priority Technology Holdings, Inc. has a 52-week low of $4.44 and a 52-week high of $12.47. The stock has a market capitalization of $483.85 million, a P/E ratio of 11.15 and a beta of 1.37. The firm has a 50-day moving average price of $5.71 and a 200 day moving average price of $6.64.

Priority Technology (NASDAQ:PRTH) last released its earnings results on Thursday, November 6th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Priority Technology had a net margin of 5.78% and a negative return on equity of 60.29%. The business had revenue of $241.44 million during the quarter, compared to analyst estimates of $251.74 million. On average, equities research analysts expect that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PRTH. Keefe, Bruyette & Woods cut shares of Priority Technology from a “moderate buy” rating to a “hold” rating and cut their target price for the stock from $9.00 to $6.00 in a research report on Tuesday, November 11th. Wall Street Zen lowered Priority Technology from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Industrial Alliance Securities set a $11.00 target price on Priority Technology in a report on Thursday, November 6th. Zacks Research raised Priority Technology from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $8.50.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PRTH. AQR Capital Management LLC purchased a new stake in shares of Priority Technology in the first quarter valued at $2,292,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Priority Technology by 25.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company’s stock worth $89,000 after buying an additional 2,648 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Priority Technology by 1,134.1% in the 1st quarter. NewEdge Advisors LLC now owns 15,759 shares of the company’s stock valued at $107,000 after buying an additional 14,482 shares during the period. Strs Ohio acquired a new position in shares of Priority Technology during the 1st quarter valued at about $46,000. Finally, Rhumbline Advisers increased its stake in shares of Priority Technology by 10.2% during the 1st quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock valued at $178,000 after acquiring an additional 2,425 shares during the last quarter. Hedge funds and other institutional investors own 11.52% of the company’s stock.

About Priority Technology

Priority Technology Acquisition Corp is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization or similar business combination with one or more businesses in the technology sector. As a blank-check company, it does not conduct any operations of its own and holds the proceeds from its initial public offering in a trust account pending the identification and completion of a business combination.

The company’s management team is focused on evaluating target businesses that offer scalable technology products or services, including software, digital platforms and related infrastructure.