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

Key Points

• Analyst sentiment is moderately positive: Six brokerages give Priority Technology a consensus “Moderate Buy” rating, split between three buys and three holds, with an average 12-month price target of $8.75.
• Latest earnings exceeded expectations: The company reported quarterly EPS of $0.28 versus the $0.22 consensus estimate, while revenue reached $249.56 million, above the $242.87 million forecast.
• Institutional ownership is growing: Several major investors increased their positions, including FourWorld Capital Management, Wells Fargo and Vanguard; institutional investors collectively own 11.52% of the stock.

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the six brokerages that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $8.75.

Several equities research analysts recently weighed in on the stock. Zacks Research lowered shares of Priority Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Weiss Ratings restated a "hold (c)" rating on shares of Priority Technology in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised Priority Technology from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 20th.

Priority Technology Stock Performance

Shares of PRTH opened at $6.29 on Monday. Priority Technology has a one year low of $4.44 and a one year high of $8.59. The stock has a 50-day moving average price of $6.52 and a 200 day moving average price of $5.80. The company has a market capitalization of $518.04 million, a P/E ratio of 8.86 and a beta of 1.54.

Priority Technology (NASDAQ:PRTH - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.06. The business had revenue of $249.56 million during the quarter, compared to the consensus estimate of $242.87 million. Priority Technology had a net margin of 5.85% and a negative return on equity of 83.50%. As a group, equities research analysts forecast that Priority Technology will post 1.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Priority Technology

A number of hedge funds and other institutional investors have recently modified their holdings of PRTH. FourWorld Capital Management LLC raised its holdings 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 purchasing an additional 1,215,583 shares in the last quarter. Steamboat Capital Partners LLC boosted its holdings in shares of Priority Technology by 13.5% in the fourth quarter. Steamboat Capital Partners LLC now owns 1,576,734 shares of the company's stock worth $8,593,000 after buying an additional 187,893 shares during the period. Vanguard Group Inc. grew its position in Priority Technology by 13.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company's stock worth $10,222,000 after purchasing an additional 181,795 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Priority Technology by 1,912.7% during the fourth quarter. Wells Fargo & Company MN now owns 711,136 shares of the company's stock valued at $3,876,000 after buying an additional 675,803 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Priority Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 660,518 shares of the company's stock valued at $3,601,000 after purchasing an additional 53,317 shares during the period. 11.52% of the stock is currently owned by institutional investors.

Priority Technology Company Profile

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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