542,000 Shares in Priority Technology Holdings, Inc. $PRTH Acquired by Norwood Investment Partners LP

Key Points

• Norwood Investment Partners LP acquired 542,000 shares of Priority Technology Holdings, representing 0.66% of the company and approximately 5% of the fund’s portfolio. Institutional investors collectively own 11.52% of the stock.
• Analyst sentiment is cautious: the consensus rating is “Hold”, with two Buy ratings and four Hold ratings, while several firms recently downgraded the stock or lowered price targets.
• Priority Technology recently beat quarterly expectations, reporting $0.29 in earnings per share versus a $0.26 estimate and revenue of $262.26 million versus a $257.81 million consensus. Shares opened at $5.61, within a 52-week range of $4.44 to $8.59.

Norwood Investment Partners LP acquired a new position in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 542,000 shares of the company's stock, valued at approximately $3,615,140,000. Priority Technology comprises approximately 5.0% of Norwood Investment Partners LP's holdings, making the stock its 9th largest holding. Norwood Investment Partners LP owned 0.66% of Priority Technology at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its position in shares of Priority Technology by 57.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company's stock valued at $35,000 after acquiring an additional 1,863 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Priority Technology by 10.2% in the 1st quarter. Rhumbline Advisers now owns 26,131 shares of the company's stock valued at $178,000 after buying an additional 2,425 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Priority Technology by 25.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company's stock worth $89,000 after buying an additional 2,648 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Priority Technology by 14.4% during the 3rd quarter. Alliancebernstein L.P. now owns 25,460 shares of the company's stock worth $175,000 after buying an additional 3,200 shares during the last quarter. Finally, Quarry LP raised its position in shares of Priority Technology by 3.9% during the 3rd quarter. Quarry LP now owns 88,122 shares of the company's stock valued at $605,000 after buying an additional 3,303 shares during the period. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Keefe, Bruyette & Woods lowered their price objective on Priority Technology from $7.50 to $6.50 and set a "market perform" rating for the company in a research report on Friday, August 7th. Zacks Research downgraded Priority Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Priority Technology in a research note on Wednesday, June 24th. Alliance Global Partners cut shares of Priority Technology from a "buy" rating to a "neutral" rating and set a $7.00 target price on the stock. in a research report on Thursday, August 6th. Finally, Wall Street Zen lowered shares of Priority Technology from a "buy" rating to a "hold" rating in a research note on Sunday, August 9th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $8.50.

Priority Technology Stock Up 0.4%

PRTH opened at $5.61 on Friday. Priority Technology Holdings, Inc. has a 52 week low of $4.44 and a 52 week high of $8.59. The business has a fifty day simple moving average of $6.48 and a 200-day simple moving average of $5.81. The firm has a market cap of $462.49 million, a P/E ratio of 8.13 and a beta of 1.57.

Priority Technology (NASDAQ:PRTH - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. The firm had revenue of $262.26 million for the quarter, compared to the consensus estimate of $257.81 million. Priority Technology had a negative return on equity of 104.91% and a net margin of 5.61%. Sell-side analysts expect that Priority Technology Holdings, Inc. will post 1.23 earnings per share for the current year.

About Priority Technology

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.

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