Priority Technology (NASDAQ:PRTH) Raised to "Strong-Buy" at Zacks Research

Key Points

• Priority Technology has been upgraded from a "hold" to a "strong-buy" rating by Zacks Research, reflecting increased analyst confidence in the stock.
• Shares of Priority Technology opened at $8.43 and have a 12-month high of $12.47 with a consensus price target of $13.00.
• Insiders at Priority Technology have seen notable trading activity, with General Counsel Bradley J. Miller selling 100,000 shares, indicating potential shifts in insider confidence.

Priority Technology (NASDAQ:PRTH - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Thursday,Zacks.com reports.

Several other brokerages have also issued reports on PRTH. Cowen reiterated a "buy" rating on shares of Priority Technology in a research note on Friday, August 8th. Keefe, Bruyette & Woods decreased their price target on shares of Priority Technology from $12.00 to $10.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Finally, Wall Street Zen upgraded shares of Priority Technology from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $13.00.

Priority Technology Trading Up 5.6%

Shares of NASDAQ PRTH opened at $8.43 on Thursday. Priority Technology has a 12 month low of $4.91 and a 12 month high of $12.47. The firm has a market capitalization of $673.71 million, a PE ratio of 32.42 and a beta of 1.51. The firm has a fifty day simple moving average of $7.62 and a two-hundred day simple moving average of $7.98.

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

Insider Buying and Selling

In other Priority Technology news, General Counsel Bradley J. Miller sold 100,000 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $8.55, for a total transaction of $855,000.00. Following the completion of the sale, the general counsel directly owned 243,620 shares in the company, valued at approximately $2,082,951. The trade was a 29.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 66.20% of the company's stock.

Hedge Funds Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. Steamboat Capital Partners LLC boosted its stake in shares of Priority Technology by 200.6% in the 1st quarter. Steamboat Capital Partners LLC now owns 2,400,000 shares of the company's stock worth $16,356,000 after buying an additional 1,601,491 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of Priority Technology by 66.2% in the 2nd quarter. Acadian Asset Management LLC now owns 594,095 shares of the company's stock worth $4,618,000 after buying an additional 236,622 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Priority Technology by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 573,345 shares of the company's stock worth $4,461,000 after buying an additional 237,004 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Priority Technology by 19.4% in the 2nd quarter. Geode Capital Management LLC now owns 536,349 shares of the company's stock worth $4,173,000 after buying an additional 87,127 shares during the last quarter. Finally, Invesco Ltd. purchased a new position in shares of Priority Technology in the 4th quarter worth $4,883,000. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

Priority Technology Company Profile

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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