Priority Technology (NASDAQ:PRTH) Rating Lowered to Strong Sell at Zacks Research

Priority Technology (NASDAQ:PRTH) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. TD Cowen reduced their price target on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a report on Monday, December 29th. Keefe, Bruyette & Woods lowered Priority Technology from a “moderate buy” rating to a “hold” rating and cut their target price for the company from $9.00 to $6.00 in a research report on Tuesday, November 11th. TD Securities decreased their price target on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Wall Street Zen upgraded Priority Technology from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $8.75.

Priority Technology Trading Down 4.0%

Shares of NASDAQ:PRTH opened at $5.00 on Wednesday. The company has a market capitalization of $409.35 million, a price-to-earnings ratio of 7.25 and a beta of 1.39. Priority Technology has a 12-month low of $4.44 and a 12-month high of $8.89. The business has a 50-day moving average price of $5.64 and a 200 day moving average price of $6.26.

Priority Technology (NASDAQ:PRTH) last posted its earnings results on Tuesday, March 10th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). The company had revenue of $247.13 million during the quarter, compared to analyst estimates of $247.92 million. Priority Technology had a net margin of 5.84% and a negative return on equity of 66.50%. As a group, equities research analysts predict that Priority Technology will post -0.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Knights of Columbus Asset Advisors LLC acquired a new position in shares of Priority Technology in the third quarter worth $1,840,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Priority Technology by 40.3% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 184,952 shares of the company’s stock worth $1,439,000 after acquiring an additional 53,163 shares during the period. Acadian Asset Management LLC raised its stake in shares of Priority Technology by 66.2% in the second quarter. Acadian Asset Management LLC now owns 594,095 shares of the company’s stock valued at $4,618,000 after acquiring an additional 236,622 shares in the last quarter. Sierra Summit Advisors LLC acquired a new stake in shares of Priority Technology in the second quarter valued at $688,000. Finally, Boston Partners purchased a new position in Priority Technology in the second quarter valued at $254,000. Institutional investors and hedge funds 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.