Priority Technology (NASDAQ:PRTH) Stock Price Up 6.9% – What’s Next?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares traded up 6.9% during trading on Friday . The stock traded as high as $6.08 and last traded at $6.1550. 204,800 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 359,860 shares. The stock had previously closed at $5.76.

Wall Street Analysts Forecast Growth

PRTH has been the subject of several recent research reports. Keefe, Bruyette & Woods lowered their target price on shares of Priority Technology from $7.50 to $6.50 and set a “market perform” rating for the company in a research note on Friday, August 7th. Alliance Global Partners downgraded 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. Wall Street Zen downgraded shares of Priority Technology from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Zacks Research cut shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $8.50.

Priority Technology Stock Performance

The stock has a market capitalization of $499.17 million, a price-to-earnings ratio of 8.78 and a beta of 1.55. The business’s 50 day simple moving average is $6.08 and its 200-day simple moving average is $5.81.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.26 by $0.03. The company had revenue of $262.26 million for the quarter, compared to analyst estimates 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 Holdings, Inc. will post 1.23 EPS for the current year.

Institutional Trading of Priority Technology

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Priority Technology during the 2nd quarter valued at $15,788,000. Norwood Investment Partners LP acquired a new stake in shares of Priority Technology in the second quarter valued at $3,615,140. FourWorld Capital Management LLC lifted its holdings in shares of Priority Technology by 330.0% in the first quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock valued at $7,476,000 after buying an additional 1,215,583 shares during the period. Hsbc Holdings PLC bought a new position in Priority Technology during the fourth quarter valued at about $584,000. Finally, Potomac Capital Management Inc. bought a new position in Priority Technology during the fourth quarter valued at about $539,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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.