Priority Technology (NASDAQ:PRTH) Stock Price Down 6.4% – What’s Next?

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) fell 6.4% during trading on Tuesday . The stock traded as low as $6.72 and last traded at $6.6830. 311,079 shares changed hands during mid-day trading, a decline of 8% from the average session volume of 337,204 shares. The stock had previously closed at $7.14.

Analyst Ratings Changes

PRTH has been the subject of a number of research analyst reports. TD Securities cut their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. TD Cowen dropped their price target on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Wall Street Zen upgraded Priority Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 20th. Zacks Research raised Priority Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, June 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Priority Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.75.

Priority Technology Price Performance

The company has a 50-day moving average of $6.09 and a 200 day moving average of $5.65. The company has a market cap of $593.73 million, a PE ratio of 10.22 and a beta of 1.54.

Priority Technology (NASDAQ:PRTH) last announced its earnings results on Monday, May 11th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.06. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%.The firm had revenue of $249.56 million during the quarter, compared to analysts’ expectations of $242.87 million. Equities research analysts expect that Priority Technology Holdings, Inc. will post 1.24 EPS for the current year.

Institutional Investors Weigh In On Priority Technology

Institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in shares of Priority Technology during the second quarter valued at $29,000. BNP Paribas Financial Markets grew its holdings in Priority Technology by 57.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after acquiring an additional 1,863 shares in the last quarter. Strs Ohio bought a new position in Priority Technology in the first quarter worth approximately $46,000. Aaron Wealth Advisors LLC purchased a new stake in shares of Priority Technology during the 1st quarter worth $50,000. Finally, Invesco Ltd. bought a new stake in shares of Priority Technology in the 4th quarter valued at about $58,000. Institutional investors own 11.52% of the company’s stock.

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.