Priority Technology (NASDAQ:PRTH) Stock Price Down 5.7% – Here’s Why

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price dropped 5.7% during trading on Tuesday . The company traded as low as $7.60 and last traded at $7.59. Approximately 229,118 shares were traded during trading, a decline of 67% from the average daily volume of 691,028 shares. The stock had previously closed at $8.05.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PRTH. TD Cowen raised Priority Technology to a “strong-buy” rating in a report on Tuesday, March 18th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $12.00 price target (down from $14.00) on shares of Priority Technology in a research report on Friday, March 7th. Finally, B. Riley lifted their price target on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, November 25th.

Priority Technology Trading Down 5.6 %

The firm has a market cap of $604.34 million, a PE ratio of -18.10 and a beta of 0.99. The firm has a fifty day moving average price of $9.47 and a 200 day moving average price of $8.49.

Insider Activity

In related news, Director John Vito Priore sold 1,242,856 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total transaction of $9,246,848.64. Following the completion of the sale, the director now directly owns 4,071,574 shares of the company’s stock, valued at $30,292,510.56. This trade represents a 23.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Ranjana Ram sold 6,615 shares of Priority Technology stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total value of $49,215.60. Following the completion of the sale, the chief operating officer now directly owns 686,389 shares in the company, valued at $5,106,734.16. This represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,122,431 shares of company stock worth $38,110,887. Corporate insiders own 76.30% of the company’s stock.

Institutional Trading of Priority Technology

Several large investors have recently bought and sold shares of the company. Jefferies Financial Group Inc. acquired a new position in Priority Technology in the 4th quarter valued at about $684,000. Two Sigma Advisers LP acquired a new position in shares of Priority Technology in the fourth quarter valued at approximately $327,000. Two Sigma Investments LP purchased a new position in shares of Priority Technology during the fourth quarter valued at approximately $882,000. Steamboat Capital Partners LLC acquired a new stake in Priority Technology during the fourth quarter worth approximately $9,382,000. Finally, Occudo Quantitative Strategies LP acquired a new position in Priority Technology in the 4th quarter valued at $183,000. Institutional investors and hedge funds 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.