Priority Technology Holdings, Inc. (NASDAQ:PRTH) Stock Now Rated "Hold" by Wall Street Analysts

Key Points

• Analysts now rate Priority Technology “Hold” overall: Six of eight analysts recommend holding the stock, while two recommend buying it. The average 12-month price target is $8.59.
• PRTH shares opened at $7.81, near their one-year high of $7.87, after rising above their 50-day and 200-day moving averages. Recent analyst actions included multiple rating downgrades, although Keefe, Bruyette & Woods raised its price target to $8.00.
• Quarterly results exceeded expectations: Priority Technology reported earnings of $0.29 per share versus the $0.26 consensus estimate and revenue of $262.26 million versus expectations of $257.81 million. Institutional investors own 11.52% of the company, with BlackRock among the recent new investors.

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) has been given a consensus recommendation of "Hold" by the eight brokerages that are presently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $8.59.

A number of analysts recently commented on PRTH shares. Wall Street Zen cut shares of Priority Technology from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Lake Street Capital lowered Priority Technology from a "buy" rating to a "hold" rating and reduced their target price for the stock from $13.00 to $8.05 in a report on Monday, September 21st. Zacks Research cut Priority Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods increased their price target on Priority Technology from $6.50 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, September 22nd. Finally, Alliance Global Partners cut Priority Technology from a "buy" rating to a "neutral" rating and set a $7.00 price objective on the stock. in a report on Thursday, August 6th.

Priority Technology Price Performance

Shares of PRTH stock opened at $7.81 on Friday. The stock has a market cap of $643.86 million, a PE ratio of 11.32 and a beta of 1.58. The stock has a 50-day moving average of $6.29 and a 200-day moving average of $6.08. Priority Technology has a one year low of $4.44 and a one year high of $7.87.

Priority Technology (NASDAQ:PRTH - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03. The business 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, research analysts anticipate that Priority Technology will post 1.23 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Priority Technology during the second quarter worth $15,788,000. Norwood Investment Partners LP acquired a new position in Priority Technology in the 2nd quarter worth $3,615,140. FourWorld Capital Management LLC boosted its stake in Priority Technology by 330.0% in the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company's stock worth $7,476,000 after purchasing an additional 1,215,583 shares during the period. Bank of America Corp DE bought a new position in Priority Technology during the 2nd quarter worth about $1,624,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Priority Technology in the 2nd quarter valued at about $664,000. Institutional investors and hedge funds own 11.52% of the company's stock.

About Priority Technology

Priority Technology Holdings, Inc is a payments technology company that provides payment processing and merchant services to businesses, financial institutions and software providers. Its platform supports card, digital and alternative payment acceptance, transaction processing, merchant onboarding, reporting and related payment operations.

The company serves small and midsize businesses, enterprise merchants and software platforms through integrated and embedded payment solutions. Its offerings are designed to help organizations incorporate payments into business-management software and workflows, while also providing tools such as billing, invoicing, data reporting, risk management and access to business financing solutions.

Priority Technology was founded in 2005 and is headquartered in Alpharetta, Georgia.

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