Cetera Investment Advisers Acquires Shares of 77,599 Priority Technology Holdings, Inc. $PRTH

Key Points

• Cetera Investment Advisers has acquired a new stake in Priority Technology Holdings, Inc., purchasing 77,599 shares valued at approximately $529,000.
• Analysts on Wall Street have a consensus rating of "Buy" for PRTH, with a target price of $13.00 per share.
• Priority Technology reported earnings of $0.26 EPS, surpassing estimates, along with a revenue of $239.81 million for the quarter.

Cetera Investment Advisers bought a new position in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 77,599 shares of the company's stock, valued at approximately $529,000. Cetera Investment Advisers owned 0.10% of Priority Technology at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Steamboat Capital Partners LLC purchased a new position in shares of Priority Technology in the fourth quarter valued at approximately $9,382,000. Invesco Ltd. purchased a new position in shares of Priority Technology in the fourth quarter valued at approximately $4,883,000. Divisadero Street Capital Management LP purchased a new position in shares of Priority Technology in the fourth quarter valued at approximately $4,524,000. Renaissance Technologies LLC boosted its stake in shares of Priority Technology by 405.6% in the fourth quarter. Renaissance Technologies LLC now owns 242,200 shares of the company's stock valued at $2,846,000 after purchasing an additional 194,300 shares during the period. Finally, Walleye Capital LLC purchased a new position in shares of Priority Technology in the fourth quarter valued at approximately $1,977,000. Hedge funds and other institutional investors own 11.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Priority Technology from $12.00 to $10.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Cowen reiterated a "buy" rating on shares of Priority Technology in a research note on Friday, August 8th. Finally, Wall Street Zen upgraded shares of Priority Technology from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $13.00.

Insiders Place Their Bets

In other Priority Technology news, General Counsel Bradley J. Miller sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $8.55, for a total transaction of $855,000.00. Following the sale, the general counsel owned 243,620 shares of the company's stock, valued at approximately $2,082,951. This trade represents a 29.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 66.20% of the company's stock.

Priority Technology Stock Performance

PRTH stock traded up $0.13 during midday trading on Thursday, reaching $7.98. 651,478 shares of the company were exchanged, compared to its average volume of 516,131. Priority Technology Holdings, Inc. has a 1-year low of $4.89 and a 1-year high of $12.47. The stock's 50-day simple moving average is $7.60 and its 200 day simple moving average is $7.99. The company has a market cap of $637.76 million, a price-to-earnings ratio of 30.69 and a beta of 1.51.

Priority Technology (NASDAQ:PRTH - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.01. Priority Technology had a net margin of 4.03% and a negative return on equity of 47.35%. The company had revenue of $239.81 million for the quarter, compared to analysts' expectations of $239.63 million. Priority Technology has set its FY 2025 guidance at EPS. On average, research analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current year.

About Priority Technology

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.