Priority Technology (NASDAQ:PRTH) Shares Gap Up - What's Next?

Key Points

• Priority Technology shares surged: PRTH opened at $7.79 versus a prior close of $5.83 and last traded near $7.78 on volume exceeding 6.5 million shares.
• Analyst sentiment remains cautious: Recent firms downgraded the stock or lowered price targets, leaving it with an average “Hold” rating and an $8.50 consensus target.
• Quarterly results exceeded expectations: The company reported $0.29 in EPS and $262.26 million in revenue, beating consensus estimates of $0.26 and $257.81 million, respectively.

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $5.83, but opened at $7.79. Priority Technology shares last traded at $7.7750, with a volume of 6,537,187 shares trading hands.

Analyst Ratings Changes

PRTH has been the subject of several analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Priority Technology in a research report on Wednesday, June 24th. Zacks Research cut shares of Priority Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Keefe, Bruyette & Woods lowered their target price on shares of Priority Technology from $7.50 to $6.50 and set a "market perform" rating for the company in a report on Friday, August 7th. Wall Street Zen downgraded Priority Technology from a "buy" rating to a "hold" rating in a research note on Sunday, August 9th. Finally, Alliance Global Partners lowered 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. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $8.50.

Priority Technology Stock Performance

The firm has a market capitalization of $640.15 million, a price-to-earnings ratio of 11.25 and a beta of 1.55. The business's 50-day moving average is $5.95 and its two-hundred day moving average is $5.82.

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

Institutional Trading of Priority Technology

A number of large investors have recently made changes to their positions in the company. Sequoia Financial Advisors LLC acquired a new position in Priority Technology in the second quarter valued at about $67,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Priority Technology during the second quarter worth about $69,000. Aaron Wealth Advisors LLC bought a new position in shares of Priority Technology during the 1st quarter valued at about $50,000. One68 Global Capital LLC bought a new position in shares of Priority Technology during the 2nd quarter valued at about $73,000. Finally, AXQ Capital LP bought a new position in shares of Priority Technology during the 4th quarter valued at about $80,000. Institutional investors own 11.52% of the company's stock.

About Priority Technology

Priority Technology Holdings, Inc NASDAQ: PRTH is a payments technology company that provides commerce and payment-processing solutions to businesses, financial institutions and software providers. Its platform supports card payments, electronic payments and other transaction types, helping clients accept, manage and reconcile payments across in-person, online and business-to-business channels.

The company offers merchant acquiring and payment enablement services, including point-of-sale and e-commerce payment acceptance, payment gateway capabilities, automated clearing house (ACH) transactions, electronic invoicing and accounts-payable solutions.

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