Walleye Capital LLC Sells 50,745 Shares of Priority Technology Holdings, Inc. $PRTH

Key Points

• Walleye Capital LLC reduced its stake in Priority Technology Holdings, Inc. by 30.2%, selling 50,745 shares and now holding approximately 117,527 shares valued at $801,000.
• Multiple hedge funds have initiated or increased their positions in Priority Technology, with notable investments from Steamboat Capital Partners and Connor Clark & Lunn Investment Management.
• Analysts have a consensus rating of "Buy" on Priority Technology, following several upgrades, with a target price averaging $13.00 per share.

Walleye Capital LLC cut its stake in Priority Technology Holdings, Inc. (NASDAQ:PRTH - Free Report) by 30.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,527 shares of the company's stock after selling 50,745 shares during the period. Walleye Capital LLC owned approximately 0.15% of Priority Technology worth $801,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PRTH. Wells Fargo & Company MN boosted its holdings in Priority Technology by 53.8% in the 4th quarter. Wells Fargo & Company MN now owns 8,593 shares of the company's stock valued at $101,000 after purchasing an additional 3,006 shares during the period. Barclays PLC lifted its holdings in shares of Priority Technology by 11.8% during the 4th quarter. Barclays PLC now owns 29,127 shares of the company's stock worth $342,000 after acquiring an additional 3,063 shares during the period. Marshall Wace LLP bought a new position in shares of Priority Technology during the 4th quarter worth about $429,000. Dimensional Fund Advisors LP bought a new position in shares of Priority Technology during the 4th quarter worth about $487,000. Finally, MetLife Investment Management LLC bought a new position in shares of Priority Technology during the 4th quarter worth about $132,000. 11.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on PRTH shares. Wall Street Zen raised shares of Priority Technology from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Cowen reissued a "buy" rating on shares of Priority Technology in a report on Friday, August 8th. Keefe, Bruyette & Woods cut their price target on shares of Priority Technology from $12.00 to $10.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Finally, Zacks Research raised shares of Priority Technology from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $13.00.

Priority Technology Stock Down 0.6%

Shares of PRTH stock traded down $0.05 during trading on Thursday, reaching $8.07. The company's stock had a trading volume of 85,944 shares, compared to its average volume of 576,287. The business has a fifty day moving average price of $7.67 and a 200-day moving average price of $7.83. Priority Technology Holdings, Inc. has a one year low of $5.01 and a one year high of $12.47. The company has a market cap of $644.94 million, a price-to-earnings ratio of 30.98 and a beta of 1.64.

Priority Technology (NASDAQ:PRTH - Get Free Report) last posted its quarterly earnings results 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 net margin of 4.03% and a negative return on equity of 47.35%. The firm had revenue of $239.81 million for the quarter, compared to analyst estimates of $239.63 million. Priority Technology has set its FY 2025 guidance at EPS. Research analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 EPS for the current year.

Insider Activity at Priority Technology

In other news, General Counsel Bradley J. Miller sold 100,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were 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 of the company's stock, valued at approximately $2,082,951. This represents a 29.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 66.20% of the company's stock.

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.