Priority Technology (NASDAQ:PRTH) Shares Down 6.9% – Should You Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price fell 6.9% during mid-day trading on Friday . The stock traded as low as $10.94 and last traded at $11.01. 197,140 shares were traded during trading, a decline of 72% from the average session volume of 713,290 shares. The stock had previously closed at $11.82.

Analysts Set New Price Targets

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. Lake Street Capital lifted their price target on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods raised shares of Priority Technology from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $10.00 to $14.00 in a report on Thursday, January 16th.

Priority Technology Stock Performance

The business’s 50 day moving average is $10.34 and its 200-day moving average is $7.99. The firm has a market capitalization of $805.97 million, a price-to-earnings ratio of -24.86 and a beta of 1.17.

Insider Activity at Priority Technology

In other Priority Technology news, Director John Vito Priore sold 1,242,856 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total value of $9,246,848.64. Following the sale, the director now directly owns 4,071,574 shares in the company, valued at $30,292,510.56. This trade represents a 23.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sean Kiewiet sold 170,596 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $10.60, for a total transaction of $1,808,317.60. Following the completion of the sale, the insider now owns 711,853 shares in the company, valued at $7,545,641.80. This represents a 19.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,343,646 shares of company stock worth $40,419,456. 76.30% of the stock is owned by insiders.

Institutional Trading of Priority Technology

Several hedge funds and other institutional investors have recently bought and sold shares of PRTH. National Bank of Canada FI acquired a new stake in Priority Technology in the 4th quarter worth $56,000. Deutsche Bank AG acquired a new stake in Priority Technology in the 4th quarter worth $60,000. Virtu Financial LLC acquired a new stake in Priority Technology in the 3rd quarter worth $91,000. SG Americas Securities LLC acquired a new stake in Priority Technology in the 4th quarter worth $100,000. Finally, Wells Fargo & Company MN grew its position in Priority Technology by 53.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock worth $101,000 after purchasing an additional 3,006 shares during the last quarter. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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.