Acadian Asset Management LLC Grows Position in Priority Technology Holdings, Inc. $PRTH

Key Points

• Acadian Asset Management LLC significantly increased its stake in Priority Technology Holdings, Inc. by 825.3%, now owning 357,473 shares valued at approximately $2.43 million.
• Priority Technology's stock saw a 1.3% decline, with shares opening at $7.44, compared to a 52-week range between $5.01 and $12.47.
• Brokerages have generally upgraded Priority Technology’s stock rating, with Zacks Research moving it from a "hold" to a "strong-buy" rating and overall average target price set at $13.00.

Acadian Asset Management LLC increased its stake in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) by 825.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 357,473 shares of the company's stock after purchasing an additional 318,839 shares during the period. Acadian Asset Management LLC owned 0.45% of Priority Technology worth $2,431,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. AlphaQuest LLC bought a new position in Priority Technology in the 1st quarter worth about $37,000. CWM LLC increased its stake in Priority Technology by 13,386.7% in the 1st quarter. CWM LLC now owns 8,092 shares of the company's stock worth $55,000 after acquiring an additional 8,032 shares during the last quarter. US Bancorp DE bought a new position in Priority Technology in the 1st quarter worth about $58,000. Deutsche Bank AG bought a new position in Priority Technology in the 4th quarter worth about $60,000. Finally, Corebridge Financial Inc. increased its stake in Priority Technology by 19.0% in the 1st quarter. Corebridge Financial Inc. now owns 10,876 shares of the company's stock worth $74,000 after acquiring an additional 1,733 shares during the last quarter. 11.52% of the stock is currently owned by institutional investors.

Priority Technology Price Performance

NASDAQ PRTH traded down $0.18 during trading hours on Friday, hitting $7.30. The company's stock had a trading volume of 1,571,910 shares, compared to its average volume of 366,333. Priority Technology Holdings, Inc. has a 12 month low of $5.01 and a 12 month high of $12.47. The company's 50 day simple moving average is $7.54 and its two-hundred day simple moving average is $7.57. The company has a market cap of $583.42 million, a P/E ratio of 28.08 and a beta of 1.64.

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 analysts' consensus estimates 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 business had revenue of $239.81 million during the quarter, compared to analyst estimates of $239.63 million. Priority Technology has set its FY 2025 guidance at EPS. As a group, research analysts predict that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.