Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) by 65.7% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 131,789 shares of the company's stock after buying an additional 52,274 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.17% of Priority Technology worth $898,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the business. Deutsche Bank AG raised its holdings in Priority Technology by 123.6% in the first quarter. Deutsche Bank AG now owns 11,393 shares of the company's stock valued at $78,000 after buying an additional 6,297 shares during the period. Charles Schwab Investment Management Inc. grew its position in Priority Technology by 19.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 63,027 shares of the company's stock valued at $430,000 after acquiring an additional 10,202 shares in the last quarter. US Bancorp DE acquired a new stake in Priority Technology in the first quarter valued at approximately $58,000. Cetera Investment Advisers acquired a new stake in Priority Technology in the first quarter valued at approximately $529,000. Finally, CWM LLC grew its position in Priority Technology by 13,386.7% in the first quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $55,000 after acquiring an additional 8,032 shares in the last quarter. Hedge funds and other institutional investors own 11.52% of the company's stock.
Insider Transactions at Priority Technology
In related news, General Counsel Bradley J. Miller sold 100,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $8.55, for a total transaction of $855,000.00. Following the transaction, the general counsel directly owned 243,620 shares in the company, valued at $2,082,951. This trade represents a 29.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 66.20% of the stock is owned by company insiders.
Analyst Upgrades and Downgrades
Several analysts have issued reports on PRTH shares. Cowen reaffirmed a "buy" rating on shares of Priority Technology in a research report on Friday, August 8th. 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 report on Wednesday, May 7th. Finally, Wall Street Zen raised shares of Priority Technology from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $13.00.
Read Our Latest Stock Analysis on PRTH
Priority Technology Stock Performance
Shares of PRTH stock traded up $0.5990 during mid-day trading on Friday, reaching $8.5790. 323,812 shares of the company were exchanged, compared to its average volume of 585,162. Priority Technology Holdings, Inc. has a fifty-two week low of $4.91 and a fifty-two week high of $12.47. The company has a market capitalization of $685.63 million, a P/E ratio of 32.88 and a beta of 1.51. The business's 50 day simple moving average is $7.60 and its 200 day simple moving average is $7.99.
Priority Technology (NASDAQ:PRTH - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.01. Priority Technology had a negative return on equity of 47.35% and a net margin of 4.03%.The firm 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, analysts forecast that Priority Technology Holdings, Inc. will post -0.09 EPS for the current year.
About Priority Technology
(
Free Report)
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.
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