Priority Technology (NASDAQ:PRTH) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Priority Technology from a “buy” to a “hold” rating, adding to a mixed analyst picture around the stock.
• The broader analyst consensus on PRTH remains “Hold,” with an average price target of $8.75; recent reports have ranged from buy ratings to a strong sell from Zacks Research.
• Priority Technology recently missed earnings estimates, posting $0.27 EPS versus $0.29 expected, while revenue came in slightly below forecasts at $247.13 million.

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

Other analysts also recently issued reports about the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Priority Technology in a research report on Friday, March 27th. TD Cowen reduced their price objective on Priority Technology from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Wednesday, March 11th. TD Securities dropped their target price on Priority Technology from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Wednesday, March 11th. Finally, Zacks Research lowered Priority Technology from a "hold" rating to a "strong sell" rating in a research note on Wednesday, March 11th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $8.75.

Priority Technology Stock Performance

PRTH opened at $5.62 on Friday. The business's fifty day moving average is $5.14 and its two-hundred day moving average is $5.58. The company has a market cap of $462.86 million, a price-to-earnings ratio of 8.15 and a beta of 1.49. Priority Technology has a one year low of $4.44 and a one year high of $8.89.

Priority Technology (NASDAQ:PRTH - Get Free Report) last posted its earnings results on Tuesday, March 10th. The company reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.02). The firm had revenue of $247.13 million for the quarter, compared to analysts' expectations of $247.92 million. Priority Technology had a negative return on equity of 66.50% and a net margin of 5.84%. On average, analysts predict that Priority Technology will post 1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Priority Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRTH. Wells Fargo & Company MN increased its stake in Priority Technology by 1,912.7% during the fourth quarter. Wells Fargo & Company MN now owns 711,136 shares of the company's stock worth $3,876,000 after acquiring an additional 675,803 shares during the last quarter. Norwood Investment Partners LP purchased a new stake in shares of Priority Technology in the fourth quarter worth about $3,433,000. Beartown Capital Management LLC purchased a new stake in shares of Priority Technology in the fourth quarter worth about $2,180,000. FourWorld Capital Management LLC purchased a new stake in shares of Priority Technology in the fourth quarter worth about $2,007,000. Finally, AQR Capital Management LLC purchased a new stake in shares of Priority Technology in the first quarter worth about $2,292,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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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