Priority Technology Holdings, Inc. (NASDAQ:PRTH) Short Interest Down 29.1% in August

Key Points

• Priority Technology Holdings, Inc. (NASDAQ:PRTH) experienced a 29.1% decline in short interest during August, totaling 1,340,000 shares as of the end of the month.
• Analysts have raised their ratings on PRTH, with Zacks Research upgrading the stock from "hold" to "strong-buy," and a consensus price target of $13.00 among multiple research firms.
• Priority Technology reported a quarterly EPS of $0.26, surpassing estimates, while institutional ownership of the stock stands at 11.52%.

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 1,340,000 shares, a decline of 29.1% from the August 15th total of 1,890,000 shares. Based on an average daily volume of 563,400 shares, the days-to-cover ratio is presently 2.4 days. Approximately 5.3% of the shares of the company are sold short. Approximately 5.3% of the shares of the company are sold short. Based on an average daily volume of 563,400 shares, the days-to-cover ratio is presently 2.4 days.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PRTH. Zacks Research raised shares of Priority Technology from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 21st. Cowen reaffirmed a "buy" rating on shares of Priority Technology in a research report on Friday, August 8th. Finally, Wall Street Zen raised shares of Priority Technology from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Two research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $13.00.

Priority Technology Stock Performance

Shares of Priority Technology stock opened at $7.44 on Tuesday. The firm has a 50-day moving average of $7.60 and a 200-day moving average of $7.59. The stock has a market cap of $594.60 million, a PE ratio of 28.62 and a beta of 1.64. Priority Technology has a 52-week low of $5.01 and a 52-week high of $12.47.

Priority Technology (NASDAQ:PRTH - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.25 by $0.01. The business had revenue of $239.81 million during the quarter, compared to the consensus estimate of $239.63 million. Priority Technology had a negative return on equity of 47.35% and a net margin of 4.03%. Priority Technology has set its FY 2025 guidance at EPS. Equities research analysts predict that Priority Technology will post -0.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cetera Investment Advisers acquired a new position in Priority Technology in the first quarter valued at about $529,000. Advisor Resource Council bought a new position in Priority Technology in the first quarter valued at about $328,000. Investors Asset Management of Georgia Inc. GA ADV bought a new position in Priority Technology in the first quarter valued at about $645,000. Steamboat Capital Partners LLC grew its position in Priority Technology by 200.6% in the first quarter. Steamboat Capital Partners LLC now owns 2,400,000 shares of the company's stock valued at $16,356,000 after acquiring an additional 1,601,491 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Priority Technology in the fourth quarter valued at about $60,000. Institutional investors and hedge funds own 11.52% of the company's stock.

About Priority Technology

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.

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