Priority Technology Holdings, Inc. (NASDAQ:PRTH) Given Consensus Rating of "Hold" by Analysts

Key Points

• Analyst consensus is “Hold”: Four of six analysts rate Priority Technology shares as a hold, while two recommend buying. The average 12-month price target is $8.50, though several firms recently downgraded the stock or lowered their targets.
• Shares recently traded at $5.59, below the 50-day moving average of $6.50 but above the 52-week low of $4.44. The company has a market capitalization of approximately $460.8 million.
• Quarterly results exceeded expectations: Priority Technology reported earnings of $0.29 per share versus the $0.26 consensus estimate and revenue of $262.26 million compared with expectations of $257.81 million. Institutional investors own 11.52% of the company.

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) has been given an average rating of "Hold" by the six brokerages that are covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $8.50.

A number of brokerages have commented on PRTH. Weiss Ratings reissued a "hold (c)" rating on shares of Priority Technology in a report on Wednesday, June 24th. Wall Street Zen downgraded Priority Technology from a "buy" rating to a "hold" rating in a research note on Sunday, August 9th. Zacks Research cut shares of Priority Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods lowered their price target on shares of Priority Technology from $7.50 to $6.50 and set a "market perform" rating for the company in a research note on Friday, August 7th. Finally, Alliance Global Partners lowered Priority Technology from a "buy" rating to a "neutral" rating and set a $7.00 price objective on the stock. in a research report on Thursday, August 6th.

Hedge Funds Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently modified their holdings of PRTH. BNP Paribas Financial Markets boosted its position in shares of Priority Technology by 57.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company's stock worth $35,000 after purchasing an additional 1,863 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Priority Technology by 10.2% during the first quarter. Rhumbline Advisers now owns 26,131 shares of the company's stock valued at $178,000 after purchasing an additional 2,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Priority Technology by 25.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company's stock valued at $89,000 after buying an additional 2,648 shares during the period. Alliancebernstein L.P. increased its position in shares of Priority Technology by 14.4% during the 3rd quarter. Alliancebernstein L.P. now owns 25,460 shares of the company's stock valued at $175,000 after purchasing an additional 3,200 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of Priority Technology by 3.9% during the 3rd quarter. Quarry LP now owns 88,122 shares of the company's stock worth $605,000 after acquiring an additional 3,303 shares during the last quarter. Hedge funds and other institutional investors own 11.52% of the company's stock.

Priority Technology Trading Down 0.7%

PRTH stock opened at $5.59 on Friday. The firm has a market cap of $460.84 million, a PE ratio of 8.10 and a beta of 1.57. The stock has a 50-day moving average price of $6.50 and a 200-day moving average price of $5.81. Priority Technology has a 1-year low of $4.44 and a 1-year high of $8.59.

Priority Technology (NASDAQ:PRTH - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate 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 company had revenue of $262.26 million during the quarter, compared to the consensus estimate of $257.81 million. On average, analysts forecast that Priority Technology will post 1.23 earnings per share for the current year.

About Priority Technology

Priority Technology Acquisition Corp is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization or similar business combination with one or more businesses in the technology sector. As a blank-check company, it does not conduct any operations of its own and holds the proceeds from its initial public offering in a trust account pending the identification and completion of a business combination.

The company’s management team is focused on evaluating target businesses that offer scalable technology products or services, including software, digital platforms and related infrastructure.

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