FourWorld Capital Management LLC Has $7.48 Million Stock Position in Priority Technology Holdings, Inc. $PRTH

Key Points

• FourWorld Capital Management increased its Priority Technology position by 330% in the first quarter, purchasing 1,215,583 additional shares. Its 1,583,904 shares were worth approximately $7.48 million and represented 1.92% of the company.
• Priority Technology reported quarterly earnings of $0.28 per share, exceeding the $0.22 analyst consensus, while revenue of $249.56 million also topped estimates of $242.87 million.
• Analyst sentiment is moderately positive: three analysts rate the stock a Buy and three rate it a Hold, producing a consensus “Moderate Buy” rating and an average price target of $8.75, compared with a recent price of $6.29.

FourWorld Capital Management LLC raised its holdings in Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) by 330.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,583,904 shares of the company's stock after purchasing an additional 1,215,583 shares during the period. Priority Technology accounts for about 3.9% of FourWorld Capital Management LLC's holdings, making the stock its 3rd biggest position. FourWorld Capital Management LLC owned 1.92% of Priority Technology worth $7,476,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in Priority Technology in the 2nd quarter valued at approximately $29,000. BNP Paribas Financial Markets grew its position in shares of Priority Technology by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company's stock valued at $35,000 after purchasing an additional 1,863 shares in the last quarter. Strs Ohio bought a new stake in shares of Priority Technology during the 1st quarter valued at $46,000. Aaron Wealth Advisors LLC bought a new stake in shares of Priority Technology during the 1st quarter valued at $50,000. Finally, Invesco Ltd. bought a new stake in shares of Priority Technology during the 4th quarter valued at $58,000. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

Priority Technology Price Performance

Shares of PRTH opened at $6.29 on Monday. The firm has a market cap of $518.04 million, a P/E ratio of 8.86 and a beta of 1.54. The stock has a 50 day simple moving average of $6.52 and a two-hundred day simple moving average of $5.80. Priority Technology Holdings, Inc. has a 1 year low of $4.44 and a 1 year high of $8.59.

Priority Technology (NASDAQ:PRTH - Get Free Report) last released its earnings results on Monday, May 11th. The company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.06. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%.The company had revenue of $249.56 million during the quarter, compared to analyst estimates of $242.87 million. On average, equities analysts anticipate that Priority Technology Holdings, Inc. will post 1.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PRTH. Wall Street Zen upgraded Priority Technology from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 20th. Zacks Research cut Priority Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Priority Technology in a report on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Priority Technology presently has an average rating of "Moderate Buy" and a consensus target price of $8.75.

Priority Technology 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.

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