Priority Technology Holdings, Inc. (NASDAQ:PRTH) Sees Significant Decline in Short Interest

Priority Technology Holdings, Inc. (NASDAQ:PRTH) was the recipient of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 1,748,485 shares, a drop of 13.6% from the February 26th total of 2,024,211 shares. Based on an average daily trading volume, of 388,299 shares, the days-to-cover ratio is presently 4.5 days. Currently, 6.3% of the shares of the company are short sold.

Priority Technology Stock Down 0.6%

Priority Technology stock opened at $4.69 on Thursday. Priority Technology has a 52-week low of $4.44 and a 52-week high of $8.89. The company has a market cap of $385.92 million, a price-to-earnings ratio of 6.80 and a beta of 1.39. The firm’s fifty day moving average is $5.39 and its 200 day moving average is $5.94.

Priority Technology (NASDAQ:PRTH) last posted its earnings results 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 during the quarter, compared to the consensus estimate of $247.92 million. On average, equities research analysts anticipate that Priority Technology will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Priority Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Steamboat Capital Partners LLC boosted its holdings in shares of Priority Technology by 13.5% in the 4th quarter. Steamboat Capital Partners LLC now owns 1,576,734 shares of the company’s stock worth $8,593,000 after purchasing an additional 187,893 shares during the period. Vanguard Group Inc. raised its holdings in Priority Technology by 13.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock valued at $10,222,000 after buying an additional 181,795 shares during the period. Wells Fargo & Company MN lifted its position in Priority Technology by 1,912.7% in the fourth quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock worth $3,876,000 after buying an additional 675,803 shares during the last quarter. Geode Capital Management LLC lifted its position in Priority Technology by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 660,518 shares of the company’s stock worth $3,601,000 after buying an additional 53,317 shares during the last quarter. Finally, Norwood Investment Partners LP purchased a new position in Priority Technology during the fourth quarter worth $3,433,000. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. TD Cowen reduced their target price on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Wall Street Zen downgraded shares of Priority Technology from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Zacks Research lowered shares of Priority Technology from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research note on Friday, March 27th. Finally, TD Securities decreased their price objective on shares of 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 analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $8.75.

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.