Priority Technology (NASDAQ:PRTH) Shares Gap Down Following Insider Selling

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s stock price gapped down prior to trading on Monday following insider selling activity. The stock had previously closed at $7.80, but opened at $7.63. Priority Technology shares last traded at $7.98, with a volume of 67,425 shares.

Specifically, General Counsel Bradley J. Miller sold 100,000 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $8.55, for a total value of $855,000.00. Following the transaction, the general counsel now owns 243,620 shares of the company's stock, valued at $2,082,951. This represents a 29.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

PRTH has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reduced their price target on shares of Priority Technology from $12.00 to $10.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. TD Cowen upgraded shares of Priority Technology to a "strong-buy" rating in a research note on Tuesday, March 18th.

Priority Technology Trading Up 2.9%

The firm's fifty day moving average price is $7.47 and its two-hundred day moving average price is $8.75. The stock has a market capitalization of $640.02 million, a PE ratio of -19.06 and a beta of 1.51.

Priority Technology (NASDAQ:PRTH - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.12. The company had revenue of $224.63 million for the quarter, compared to the consensus estimate of $228.81 million. Priority Technology had a negative return on equity of 15.86% and a net margin of 1.96%. As a group, sell-side analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Corebridge Financial Inc. increased its holdings in shares of Priority Technology by 19.0% in the first quarter. Corebridge Financial Inc. now owns 10,876 shares of the company's stock valued at $74,000 after purchasing an additional 1,733 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Priority Technology by 9.0% in the 4th quarter. Rhumbline Advisers now owns 23,706 shares of the company's stock worth $279,000 after acquiring an additional 1,964 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Priority Technology by 25.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company's stock worth $89,000 after acquiring an additional 2,648 shares during the period. Wells Fargo & Company MN boosted its position in shares of Priority Technology by 53.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,593 shares of the company's stock valued at $101,000 after acquiring an additional 3,006 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of Priority Technology by 11.8% in the fourth quarter. Barclays PLC now owns 29,127 shares of the company's stock valued at $342,000 after purchasing an additional 3,063 shares during the period. Hedge funds and other 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.

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