Priority Technology (NASDAQ:PRTH) Reaches New 52-Week High - Time to Buy?

Key Points

• Priority Technology reached a new 52-week high of $7.85, with shares recently trading near $7.85 and above their 50-day and 200-day moving averages.
• Analyst sentiment is mostly cautious: two analysts rate the stock a Buy, while six rate it Hold. The consensus price target is $8.59, modestly above the current price.
• The company exceeded quarterly expectations, reporting $0.29 in earnings per share versus estimates of $0.26 and revenue of $262.26 million versus $257.81 million expected; institutional investors own 11.52% of shares.

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s stock price reached a new 52-week high on Wednesday. The stock traded as high as $7.85 and last traded at $7.8450, with a volume of 87,758 shares. The stock had previously closed at $7.83.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Weiss Ratings raised Priority Technology from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Wall Street Zen downgraded shares of Priority Technology from a "buy" rating to a "hold" rating in a report on Sunday, August 9th. Alliance Global Partners lowered shares of Priority Technology from a "buy" rating to a "neutral" rating and set a $7.00 price target on the stock. in a research report on Thursday, August 6th. Lake Street Capital lowered shares of Priority Technology from a "buy" rating to a "hold" rating and dropped their price target for the stock from $13.00 to $8.05 in a research report on Monday, September 21st. Finally, B. Riley Financial cut shares of Priority Technology from a "buy" rating to a "neutral" rating and set a $8.05 price target for the company. in a research note on Friday, October 2nd. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $8.59.

Priority Technology Trading Up 0.2%

The company has a 50 day moving average price of $6.80 and a 200 day moving average price of $6.06. The company has a market capitalization of $646.74 million, a P/E ratio of 11.38 and a beta of 1.58.

Priority Technology (NASDAQ:PRTH - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.03. Priority Technology had a negative return on equity of 104.91% and a net margin of 5.61%. The business had revenue of $262.26 million for the quarter, compared to analysts' expectations of $257.81 million. As a group, sell-side analysts forecast that Priority Technology Holdings, Inc. will post 1.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Priority Technology during the second quarter worth approximately $15,788,000. FourWorld Capital Management LLC grew its position in shares of Priority Technology by 330.0% in the first quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company's stock valued at $7,476,000 after purchasing an additional 1,215,583 shares during the last quarter. Norwood Investment Partners LP acquired a new position in shares of Priority Technology in the second quarter valued at approximately $3,615,140. Bank of America Corp DE acquired a new position in shares of Priority Technology in the second quarter valued at approximately $1,624,000. Finally, Hsbc Holdings PLC bought a new position in shares of Priority Technology during the fourth quarter worth approximately $584,000. Institutional investors and hedge funds own 11.52% of the company's stock.

About Priority Technology

Priority Technology Holdings, Inc NASDAQ: PRTH is a payments technology company that provides payment processing and commerce solutions to businesses, software providers and financial institutions. Its platform supports card and electronic payment acceptance across in-person, online and mobile channels, as well as related payment and reporting functions.

The company offers integrated payments and embedded payment capabilities that can be incorporated into business-management and vertical-market software.

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