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

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) gapped down prior to trading on Monday after an insider sold shares in the company. 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 changing hands.

Specifically, General Counsel Bradley J. Miller sold 100,000 shares of the firm'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 completion of the sale, the general counsel now owns 243,620 shares of the company's stock, valued at $2,082,951. This trade represents a 29.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PRTH shares. Keefe, Bruyette & Woods cut their price objective on shares of Priority Technology from $12.00 to $10.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. TD Cowen upgraded Priority Technology to a "strong-buy" rating in a research note on Tuesday, March 18th.

Priority Technology Stock Performance

The firm has a market cap of $647.59 million, a PE ratio of -73.82 and a beta of 1.51. The stock has a 50 day simple moving average of $7.54 and a two-hundred day simple moving average of $8.73.

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 analysts' consensus estimates of $0.10 by $0.12. Priority Technology had a negative return on equity of 38.73% and a net margin of 3.01%. The company had revenue of $224.63 million during the quarter, compared to the consensus estimate of $228.81 million. Equities research analysts forecast that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On Priority Technology

Institutional investors and hedge funds have recently modified their holdings of the business. National Bank of Canada FI purchased a new position in shares of Priority Technology during the 4th quarter valued at approximately $56,000. Deutsche Bank AG acquired a new position in shares of Priority Technology during the 4th quarter worth about $60,000. AlphaQuest LLC purchased a new position in Priority Technology in the 1st quarter valued at about $37,000. Strs Ohio acquired a new stake in Priority Technology in the 1st quarter worth about $46,000. Finally, CWM LLC lifted its position in shares of Priority Technology by 13,386.7% in the first quarter. CWM LLC now owns 8,092 shares of the company's stock valued at $55,000 after acquiring an additional 8,032 shares in the last quarter. Hedge funds and other institutional investors own 11.52% of the company's stock.

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.