Divisadero Street Capital Management LP Cuts Position in Priority Technology Holdings, Inc. $PRTH

Divisadero Street Capital Management LP lowered its holdings in Priority Technology Holdings, Inc. (NASDAQ:PRTH) by 45.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,491,210 shares of the company’s stock after selling 1,255,625 shares during the quarter. Divisadero Street Capital Management LP owned 1.82% of Priority Technology worth $10,245,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in PRTH. AQR Capital Management LLC purchased a new position in shares of Priority Technology in the 1st quarter valued at about $2,292,000. Knights of Columbus Asset Advisors LLC purchased a new stake in Priority Technology during the third quarter worth about $1,840,000. Sei Investments Co. purchased a new stake in Priority Technology during the second quarter worth about $1,606,000. Vanguard Group Inc. grew its position in Priority Technology by 13.9% during the third quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after buying an additional 181,795 shares during the period. Finally, Bank of America Corp DE grew its position in Priority Technology by 127.4% during the third quarter. Bank of America Corp DE now owns 308,321 shares of the company’s stock worth $2,118,000 after buying an additional 172,741 shares during the period. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

Priority Technology Price Performance

Shares of NASDAQ PRTH opened at $4.96 on Monday. The firm’s 50-day moving average is $5.63 and its two-hundred day moving average is $6.21. The company has a market capitalization of $408.16 million, a PE ratio of 7.19 and a beta of 1.39. Priority Technology Holdings, Inc. has a 12-month low of $4.44 and a 12-month high of $8.89.

Priority Technology (NASDAQ:PRTH) last issued its quarterly earnings data on Tuesday, March 10th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). Priority Technology had a negative return on equity of 66.50% and a net margin of 5.84%.The business had revenue of $247.13 million for the quarter, compared to analysts’ expectations of $247.92 million. On average, analysts forecast that Priority Technology Holdings, Inc. will post -0.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PRTH shares. TD Cowen reduced their price target on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Zacks Research cut Priority Technology from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 11th. Wall Street Zen downgraded Priority Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Monday, December 29th. Finally, TD Securities decreased their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $8.75.

Priority Technology 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.