Priority Technology (NASDAQ:PRTH) Hits New 52-Week High – Here’s Why
by Sarita Garza · The Markets DailyPriority Technology Holdings, Inc. (NASDAQ:PRTH – Get Free Report) reached a new 52-week high during trading on Tuesday. The company traded as high as $7.92 and last traded at $7.9150, with a volume of 53,898 shares trading hands. The stock had previously closed at $7.91.
Analysts Set New Price Targets
Several brokerages recently commented on PRTH. B. Riley Financial lowered Priority Technology from a “buy” rating to a “neutral” rating and set a $8.05 price target on the stock. in a research note on Friday, October 2nd. Keefe, Bruyette & Woods raised their target price on Priority Technology from $6.50 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 22nd. Weiss Ratings upgraded Priority Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Wall Street Zen cut Priority Technology from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, Lake Street Capital lowered Priority Technology from a “buy” rating to a “hold” rating and reduced their target price for the company from $13.00 to $8.05 in a report on Monday, September 21st. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $8.59.
Get Our Latest Stock Analysis on PRTH
Priority Technology Stock Up 0.1%
The business has a 50 day moving average price of $6.98 and a 200 day moving average price of $6.10. The stock has a market cap of $652.51 million, a P/E ratio of 11.47 and a beta of 1.58.
Priority Technology (NASDAQ:PRTH – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.26 by $0.03. The business had revenue of $262.26 million during the quarter, compared to the consensus estimate of $257.81 million. Priority Technology had a net margin of 5.61% and a negative return on equity of 104.91%. On average, research analysts expect that Priority Technology Holdings, Inc. will post 1.23 earnings per share for the current fiscal year.
Institutional Trading of Priority Technology
Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Priority Technology in the 2nd quarter valued at about $15,788,000. FourWorld Capital Management LLC raised its position in shares of Priority Technology by 330.0% during the first quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock worth $7,476,000 after purchasing an additional 1,215,583 shares during the period. Steamboat Capital Partners LLC boosted its position in Priority Technology by 4.6% during the 2nd quarter. Steamboat Capital Partners LLC now owns 1,335,669 shares of the company’s stock worth $8,909,000 after acquiring an additional 58,273 shares during the period. Norwood Investment Partners LP purchased a new position in Priority Technology in the second quarter valued at about $3,615,140. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Priority Technology by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 437,139 shares of the company’s stock valued at $2,063,000 after purchasing an additional 40,282 shares in the last quarter. 11.52% of the stock is owned by institutional investors and hedge funds.
About Priority Technology
Priority Technology Holdings, Inc (NASDAQ: PRTH) is a payments technology company that provides payment processing and commerce solutions to businesses, software providers and financial institutions. Its platform supports card and electronic payment acceptance across in-person, online and mobile channels, as well as related payment and reporting functions.
The company offers integrated payments and embedded payment capabilities that can be incorporated into business-management and vertical-market software.