Priority Technology (NASDAQ:PRTH) Downgraded to Buy Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Priority Technology from “strong buy” to “buy.” Other analysts include three Buy and three Hold ratings, resulting in a “Moderate Buy” consensus and an average price target of $8.75.
• PRTH shares opened at $6.50, with a market capitalization of approximately $535 million and a price-to-earnings ratio of 9.16. The stock has traded between $4.44 and $8.59 over the past year.
• Priority Technology exceeded quarterly expectations, reporting $0.28 in EPS versus the $0.22 consensus and revenue of $249.56 million versus $242.87 million expected. Institutional investors and hedge funds own approximately 11.52% of the stock.

Priority Technology (NASDAQ:PRTH - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday.

Other research analysts have also issued research reports about the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Priority Technology in a research report on Wednesday, June 24th. Zacks Research downgraded Priority Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $8.75.

Priority Technology Price Performance

Shares of NASDAQ:PRTH opened at $6.50 on Friday. The stock has a market capitalization of $535.34 million, a PE ratio of 9.16 and a beta of 1.54. The company's 50-day moving average price is $6.61 and its two-hundred day moving average price is $5.83. Priority Technology has a one year low of $4.44 and a one year high of $8.59.

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

Institutional Investors Weigh In On Priority Technology

Several hedge funds have recently bought and sold shares of PRTH. Raymond James Financial Inc. acquired a new position in Priority Technology during the second quarter worth approximately $29,000. BNP Paribas Financial Markets lifted its position in shares of Priority Technology by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company's stock valued at $35,000 after buying an additional 1,863 shares during the last quarter. Strs Ohio acquired a new stake in shares of Priority Technology in the first quarter valued at approximately $46,000. Aaron Wealth Advisors LLC bought a new position in shares of Priority Technology during the 1st quarter worth approximately $50,000. Finally, Invesco Ltd. bought a new position in shares of Priority Technology during the 4th quarter worth approximately $58,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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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