Brokerages Set Priority Technology Holdings, Inc. (NASDAQ:PRTH) PT at $8.75

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have been assigned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $8.75.

A number of research analysts recently weighed in on PRTH shares. Zacks Research lowered shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research note on Wednesday, June 24th. Finally, Wall Street Zen downgraded shares of Priority Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday.

Hedge Funds Weigh In On Priority Technology

Several institutional investors have recently bought and sold shares of the business. FourWorld Capital Management LLC increased its holdings in shares of Priority Technology by 330.0% in the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock valued at $7,476,000 after acquiring an additional 1,215,583 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Priority Technology during the fourth quarter valued at about $584,000. Norwood Investment Partners LP purchased a new position in shares of Priority Technology in the fourth quarter worth $3,433,000. Potomac Capital Management Inc. acquired a new position in Priority Technology in the 4th quarter worth approximately $539,000. Finally, Militia Capital Management LLC purchased a new position in shares of Priority Technology during the 1st quarter valued at about $99,000. 11.52% of the stock is owned by hedge funds and other institutional investors.

Priority Technology Stock Performance

NASDAQ PRTH opened at $6.50 on Monday. The stock’s 50 day moving average is $6.61 and its 200 day moving average is $5.83. Priority Technology has a 12 month low of $4.44 and a 12 month high of $8.59. The stock has a market cap of $535.31 million, a PE ratio of 9.16 and a beta of 1.54.

Priority Technology (NASDAQ:PRTH) last posted its earnings results on Monday, May 11th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.06. The company had revenue of $249.56 million during the quarter, compared to analysts’ expectations of $242.87 million. Priority Technology had a net margin of 5.85% and a negative return on equity of 83.50%. On average, analysts forecast that Priority Technology will post 1.24 EPS for the current fiscal year.

Priority Technology Company Profile

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.