Priority Technology (NASDAQ:PRTH) Sets New 12-Month High - Should You Buy?

Key Points

• Priority Technology reached a new 52-week high of $7.92, trading above its 50-day and 200-day moving averages. The company has a market capitalization of approximately $652.5 million and a P/E ratio of 11.47.
• Analyst sentiment is cautious: two analysts rate the stock Buy and six rate it Hold, resulting in an average Hold rating and an average price target of $8.59.
• The company exceeded quarterly expectations, reporting EPS of $0.29 versus the $0.26 consensus and revenue of $262.26 million versus $257.81 million expected. Institutional investors own 11.52% of the shares, with several hedge funds recently increasing their positions.

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) hit a new 52-week high on Tuesday. The company traded as high as $7.92 and last traded at $7.9150, with a volume of 53,898 shares trading hands. The stock had previously closed at $7.91.

Wall Street Analyst Weigh In

PRTH has been the topic of a number of recent analyst reports. Wall Street Zen lowered shares of Priority Technology from a "buy" rating to a "hold" rating in a report on Sunday, August 9th. Lake Street Capital cut Priority Technology from a "buy" rating to a "hold" rating and reduced their price target for the stock from $13.00 to $8.05 in a research report on Monday, September 21st. Keefe, Bruyette & Woods lifted their target price on shares of Priority Technology from $6.50 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, September 22nd. B. Riley Financial lowered shares of Priority Technology from a "buy" rating to a "neutral" rating and set a $8.05 price objective on the stock. in a research note on Friday, October 2nd. Finally, Weiss Ratings upgraded shares of Priority Technology from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Two analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $8.59.

Priority Technology Price Performance

The firm's fifty day moving average price is $6.98 and its two-hundred day moving average price is $6.10. The stock has a market cap of $652.51 million, a P/E ratio of 11.47 and a beta of 1.58.

Priority Technology (NASDAQ:PRTH - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.03. The firm had revenue of $262.26 million for the quarter, compared to analysts' expectations of $257.81 million. Priority Technology had a net margin of 5.61% and a negative return on equity of 104.91%. On average, research analysts expect that Priority Technology Holdings, Inc. will post 1.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Priority Technology in the 2nd quarter valued at $15,788,000. FourWorld Capital Management LLC lifted its position in Priority Technology by 330.0% during the first quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company's stock worth $7,476,000 after buying an additional 1,215,583 shares during the period. Steamboat Capital Partners LLC grew its stake in shares of Priority Technology by 4.6% during the 2nd quarter. Steamboat Capital Partners LLC now owns 1,335,669 shares of the company's stock valued at $8,909,000 after buying an additional 58,273 shares during the period. Norwood Investment Partners LP purchased a new stake in shares of Priority Technology during the 2nd quarter worth about $3,615,140. Finally, Dimensional Fund Advisors LP raised its stake in shares of Priority Technology by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 437,139 shares of the company's stock valued at $2,063,000 after purchasing an additional 40,282 shares during the period. Hedge funds and other institutional investors own 11.52% of the company's stock.

Priority Technology Company Profile

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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