Potomac Capital Management Inc. Invests $539,000 in Priority Technology Holdings, Inc. $PRTH

Potomac Capital Management Inc. bought a new position in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 98,938 shares of the company’s stock, valued at approximately $539,000.

Other hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in Priority Technology during the second quarter worth $29,000. BNP Paribas Financial Markets raised its holdings in Priority Technology by 57.3% during the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after purchasing an additional 1,863 shares during the last quarter. Strs Ohio acquired a new position in Priority Technology during the first quarter worth $46,000. AXQ Capital LP acquired a new position in Priority Technology during the fourth quarter worth $80,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Priority Technology during the second quarter worth $82,000. 11.52% of the stock is owned by hedge funds and other institutional investors.

Priority Technology Stock Performance

Priority Technology stock opened at $6.06 on Wednesday. The stock has a fifty day moving average of $5.48 and a two-hundred day moving average of $5.52. The company has a market capitalization of $499.10 million, a price-to-earnings ratio of 8.54 and a beta of 1.55. Priority Technology Holdings, Inc. has a fifty-two week low of $4.44 and a fifty-two week high of $8.89.

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

Wall Street Analyst Weigh In

PRTH has been the subject of several research reports. Zacks Research raised Priority Technology from a “strong sell” rating to a “hold” rating in a report on Monday, May 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Friday, March 27th. Wall Street Zen raised Priority Technology from a “hold” rating to a “buy” rating in a report on Sunday, May 17th. TD Securities reduced their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Finally, TD Cowen reduced their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.75.

Priority Technology 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.