Priority Technology Holdings, Inc. $PRTH Shares Acquired by Steamboat Capital Partners LLC

Key Points

• Steamboat Capital Partners LLC increased its ownership of Priority Technology Holdings, Inc. by 200.6%, acquiring 1,601,491 shares to hold a total of 2,400,000 shares, making it the firm's largest investment.
• Priority Technology's stock currently has a consensus rating of "Buy" with price targets ranging from $10.00 to $13.00 following upgrades from various analysts.
• In the latest quarterly earnings report, Priority Technology exceeded estimates with an EPS of $0.26 and revenue of $239.81 million, indicating overall strong financial performance.

Steamboat Capital Partners LLC grew its stake in Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) by 200.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,400,000 shares of the company's stock after purchasing an additional 1,601,491 shares during the quarter. Priority Technology comprises approximately 5.0% of Steamboat Capital Partners LLC's holdings, making the stock its largest holding. Steamboat Capital Partners LLC owned 3.01% of Priority Technology worth $16,356,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in PRTH. AlphaQuest LLC acquired a new position in shares of Priority Technology in the 1st quarter valued at $37,000. CWM LLC lifted its stake in shares of Priority Technology by 13,386.7% in the 1st quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $55,000 after purchasing an additional 8,032 shares during the period. US Bancorp DE acquired a new position in shares of Priority Technology in the 1st quarter valued at $58,000. Deutsche Bank AG acquired a new position in shares of Priority Technology in the 4th quarter valued at $60,000. Finally, Corebridge Financial Inc. lifted its stake in shares of Priority Technology by 19.0% in the 1st quarter. Corebridge Financial Inc. now owns 10,876 shares of the company's stock valued at $74,000 after purchasing an additional 1,733 shares during the period. Institutional investors and hedge funds own 11.52% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PRTH shares. Zacks Research upgraded shares of Priority Technology from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 21st. Wall Street Zen upgraded shares of Priority Technology from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. 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, Cowen restated a "buy" rating on shares of Priority Technology in a research report 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $13.00.

Priority Technology Price Performance

PRTH stock traded down $0.25 during trading hours on Thursday, reaching $7.87. 300,941 shares of the stock were exchanged, compared to its average volume of 576,919. The company has a market cap of $628.95 million, a price-to-earnings ratio of 30.27 and a beta of 1.64. The firm's 50-day moving average is $7.67 and its 200-day moving average is $7.83. Priority Technology Holdings, Inc. has a 12 month low of $5.01 and a 12 month high of $12.47.

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 for the quarter, beating the consensus estimate of $0.25 by $0.01. The company had revenue of $239.81 million during the quarter, compared to analysts' expectations 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. As a group, equities research analysts forecast that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current year.

Insider Buying and Selling at Priority Technology

In other news, General Counsel Bradley J. Miller sold 100,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $8.55, for a total value of $855,000.00. Following the completion of the transaction, the general counsel owned 243,620 shares in the company, valued at $2,082,951. This trade represents a 29.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 66.20% of the stock is owned by insiders.

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.