Priority Technology Holdings, Inc. $PRTH Shares Bought by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC has significantly increased its stake in Priority Technology Holdings, Inc. by 554% during the first quarter, now owning approximately 80,240 shares valued at $547,000.
• Priority Technology reported earnings per share (EPS) of $0.26 for the last quarter, surpassing analysts' expectations of $0.25, with total revenue of $239.81 million.
• Analysts have shown confidence in Priority Technology, with several upgrades, leading to a consensus rating of "Buy" and a price target of $13.00 for the stock.

Cubist Systematic Strategies LLC boosted its position in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) by 554.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,240 shares of the company's stock after acquiring an additional 67,970 shares during the quarter. Cubist Systematic Strategies LLC owned 0.10% of Priority Technology worth $547,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Steamboat Capital Partners LLC boosted its holdings in Priority Technology by 200.6% during the 1st quarter. Steamboat Capital Partners LLC now owns 2,400,000 shares of the company's stock valued at $16,356,000 after acquiring an additional 1,601,491 shares during the period. Northern Trust Corp boosted its stake in shares of Priority Technology by 16.8% in the 4th quarter. Northern Trust Corp now owns 189,888 shares of the company's stock valued at $2,231,000 after buying an additional 27,379 shares during the period. Corsair Capital Management L.P. boosted its stake in shares of Priority Technology by 15.4% in the 1st quarter. Corsair Capital Management L.P. now owns 143,418 shares of the company's stock valued at $977,000 after buying an additional 19,110 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Priority Technology by 65.7% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 131,789 shares of the company's stock valued at $898,000 after buying an additional 52,274 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in shares of Priority Technology by 23.3% in the 4th quarter. Ameriprise Financial Inc. now owns 120,756 shares of the company's stock valued at $1,419,000 after buying an additional 22,798 shares during the period. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRTH. Zacks Research upgraded Priority Technology from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 21st. Wall Street Zen upgraded Priority Technology from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Cowen reiterated a "buy" rating on shares of Priority Technology in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $13.00.

Priority Technology Price Performance

Shares of NASDAQ PRTH traded down $0.09 during midday trading on Friday, hitting $7.54. 347,093 shares of the company's stock were exchanged, compared to its average volume of 402,941. Priority Technology Holdings, Inc. has a twelve month low of $5.01 and a twelve month high of $12.47. The company has a market cap of $602.58 million, a PE ratio of 29.00 and a beta of 1.64. The firm's fifty day simple moving average is $7.62 and its 200-day simple moving average is $7.66.

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

Priority Technology Profile

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.