Priority Technology Holdings, Inc. (NASDAQ:PRTH) Receives $8.50 Average Price Target from Brokerages

Priority Technology Holdings, Inc. (NASDAQ:PRTH) has earned an average recommendation of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $8.50.

PRTH has been the subject of several recent research reports. Wall Street Zen downgraded Priority Technology from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. Keefe, Bruyette & Woods downgraded Priority Technology from a “moderate buy” rating to a “hold” rating and lowered their target price for the company from $9.00 to $6.00 in a research note on Tuesday, November 11th. Industrial Alliance Securities set a $11.00 price target on shares of Priority Technology in a research note on Thursday, November 6th. Alliance Global Partners reissued a “buy” rating on shares of Priority Technology in a report on Thursday, November 6th. Finally, Zacks Research upgraded shares of Priority Technology from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 7th.

Priority Technology Price Performance

PRTH opened at $5.86 on Thursday. Priority Technology has a 12 month low of $4.44 and a 12 month high of $12.47. The business has a 50-day moving average of $5.61 and a two-hundred day moving average of $6.82. The stock has a market capitalization of $479.76 million, a price-to-earnings ratio of 11.06 and a beta of 1.37.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.02). The company had revenue of $241.44 million for the quarter, compared to analysts’ expectations of $251.74 million. Priority Technology had a net margin of 5.78% and a negative return on equity of 60.29%. Equities research analysts anticipate that Priority Technology will post -0.09 earnings per share for the current year.

Institutional Investors Weigh In On Priority Technology

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Priority Technology by 13.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after acquiring an additional 181,795 shares in the last quarter. Acadian Asset Management LLC increased its position in Priority Technology by 66.2% in the 2nd quarter. Acadian Asset Management LLC now owns 594,095 shares of the company’s stock worth $4,618,000 after purchasing an additional 236,622 shares during the last quarter. AQR Capital Management LLC raised its position in Priority Technology by 70.5% during the second quarter. AQR Capital Management LLC now owns 573,345 shares of the company’s stock valued at $4,461,000 after acquiring an additional 237,004 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Priority Technology by 19.4% in the second quarter. Geode Capital Management LLC now owns 536,349 shares of the company’s stock worth $4,173,000 after purchasing an additional 87,127 shares in the last quarter. Finally, Prelude Capital Management LLC increased its holdings in shares of Priority Technology by 38.9% during the 3rd quarter. Prelude Capital Management LLC now owns 422,734 shares of the company’s stock valued at $2,904,000 after acquiring an additional 118,293 shares during the last quarter. 11.52% of the stock is currently owned by institutional investors and hedge funds.

About Priority Technology

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.