Priority Technology (NASDAQ:PRTH) Shares Up 8% - Should You Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) traded up 8% during trading on Wednesday . The company traded as high as $8.32 and last traded at $8.47. 107,236 shares changed hands during trading, a decline of 68% from the average session volume of 335,700 shares. The stock had previously closed at $7.84.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on PRTH shares. Keefe, Bruyette & Woods lowered their price objective on 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 raised shares of Priority Technology to a "strong-buy" rating in a research report on Tuesday, March 18th.

Priority Technology Price Performance

The stock has a market capitalization of $622.05 million, a P/E ratio of -70.91 and a beta of 1.51. The stock has a fifty day moving average price of $7.60 and a 200 day moving average price of $8.70.

Priority Technology (NASDAQ:PRTH - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $224.63 million for the quarter, compared to analysts' expectations of $228.81 million. Priority Technology had a negative return on equity of 38.73% and a net margin of 3.01%. Research analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRTH. Corebridge Financial Inc. lifted its position in Priority Technology by 19.0% during 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 raised its position in shares of Priority Technology by 9.0% during the 4th quarter. Rhumbline Advisers now owns 23,706 shares of the company's stock valued at $279,000 after buying an additional 1,964 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 last quarter. Wells Fargo & Company MN grew its position in Priority Technology by 53.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,593 shares of the company's stock worth $101,000 after acquiring an additional 3,006 shares in the last quarter. Finally, Barclays PLC grew its position in Priority Technology by 11.8% in the fourth quarter. Barclays PLC now owns 29,127 shares of the company's stock worth $342,000 after acquiring an additional 3,063 shares in the last quarter. 11.52% of the stock is currently owned by institutional investors.

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.