Priority Technology Holdings, Inc. (NASDAQ:PRTH) Stock Has Average Target Price of $8.59 According to Brokerages

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have earned an average recommendation of “Hold” from the eight analysts that are covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $8.59.

Several brokerages have commented on PRTH. Alliance Global Partners cut shares of Priority Technology from a “buy” rating to a “neutral” rating and set a $7.00 price target on the stock. in a research report on Thursday, August 6th. Zacks Research downgraded Priority Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Wall Street Zen lowered Priority Technology from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Lake Street Capital lowered Priority Technology from a “buy” rating to a “hold” rating and dropped their target price for the stock from $13.00 to $8.05 in a report on Monday, September 21st. Finally, Weiss Ratings raised Priority Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday.

Hedge Funds Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently made changes to their positions in PRTH. BlackRock Inc. acquired a new position in Priority Technology during the second quarter worth $15,788,000. Norwood Investment Partners LP acquired a new stake in Priority Technology in the second quarter valued at $3,615,140. FourWorld Capital Management LLC grew its position in shares of Priority Technology by 330.0% in the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock valued at $7,476,000 after acquiring an additional 1,215,583 shares during the period. Bank of America Corp DE acquired a new position in shares of Priority Technology during the 2nd quarter worth about $1,624,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Priority Technology during the 2nd quarter worth about $664,000. 11.52% of the stock is owned by institutional investors.

Priority Technology Stock Up 0.1%

NASDAQ PRTH opened at $7.81 on Friday. The firm’s 50 day moving average is $6.29 and its 200-day moving average is $6.08. The company has a market capitalization of $643.86 million, a PE ratio of 11.32 and a beta of 1.58. Priority Technology has a 12-month low of $4.44 and a 12-month high of $7.87.

Priority Technology (NASDAQ:PRTH) last announced its earnings results 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 analysts’ expectations of $257.81 million. Priority Technology had a net margin of 5.61% and a negative return on equity of 104.91%. As a group, sell-side analysts expect that Priority Technology will post 1.23 EPS for the current year.

About Priority Technology

Priority Technology Holdings, Inc is a payments technology company that provides payment processing and merchant services to businesses, financial institutions and software providers. Its platform supports card, digital and alternative payment acceptance, transaction processing, merchant onboarding, reporting and related payment operations.

The company serves small and midsize businesses, enterprise merchants and software platforms through integrated and embedded payment solutions. Its offerings are designed to help organizations incorporate payments into business-management software and workflows, while also providing tools such as billing, invoicing, data reporting, risk management and access to business financing solutions.

Priority Technology was founded in 2005 and is headquartered in Alpharetta, Georgia.