Priority Technology (NASDAQ:PRTH) Stock Price Down 4% - Should You Sell?

Key Points

• Priority Technology Holdings, Inc. (NASDAQ:PRTH) experienced a 4% decline in shares, trading between $6.81 and $6.90, with a notable increase in volume to 666,454 shares.
• Analysts at Keefe, Bruyette & Woods have lowered the target price for Priority Technology from $12.00 to $10.00, while maintaining an "outperform" rating.
• The company reported earnings per share of $0.22, surpassing estimates, but revenue of $224.63 million fell short of the $228.81 million prediction.

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s stock price traded down 4% during trading on Tuesday . The company traded as low as $6.81 and last traded at $6.90. 666,454 shares traded hands during mid-day trading, an increase of 36% from the average session volume of 490,858 shares. The stock had previously closed at $7.19.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods decreased their price objective on shares of Priority Technology from $12.00 to $10.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th.

Priority Technology Stock Down 1.6%

The business's 50-day simple moving average is $7.83 and its 200-day simple moving average is $8.15. The stock has a market cap of $537.52 million, a PE ratio of -61.27 and a beta of 1.51.

Priority Technology (NASDAQ:PRTH - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.12. Priority Technology had a net margin of 3.01% and a negative return on equity of 38.73%. The company had revenue of $224.63 million for the quarter, compared to analysts' expectations of $228.81 million. As a group, equities research analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current fiscal year.

Insider Activity at Priority Technology

In other news, Director Marietta Davis sold 9,433 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $7.22, for a total value of $68,106.26. Following the transaction, the director owned 75,136 shares in the company, valued at approximately $542,481.92. This represents a 11.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Bradley J. Miller sold 100,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $8.55, for a total transaction of $855,000.00. Following the completion of the transaction, the general counsel owned 243,620 shares in the company, valued at approximately $2,082,951. This represents a 29.10% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 66.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRTH. JPMorgan Chase & Co. increased its holdings in Priority Technology by 196.5% during the fourth quarter. JPMorgan Chase & Co. now owns 100,528 shares of the company's stock valued at $1,181,000 after buying an additional 66,628 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Priority Technology during the fourth quarter valued at approximately $2,471,000. O Shaughnessy Asset Management LLC increased its holdings in Priority Technology by 91.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 51,652 shares of the company's stock valued at $607,000 after buying an additional 24,661 shares during the last quarter. National Bank of Canada FI purchased a new stake in Priority Technology during the fourth quarter valued at approximately $56,000. Finally, Wells Fargo & Company MN increased its holdings in Priority Technology by 53.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,593 shares of the company's stock valued at $101,000 after buying an additional 3,006 shares during the last quarter. Institutional investors 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.