Priority Technology (NASDAQ:PRTH) Stock Price Down 5.5% - Should You Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) dropped 5.5% on Friday . The stock traded as low as $7.82 and last traded at $7.86. Approximately 234,333 shares traded hands during trading, a decline of 39% from the average daily volume of 381,861 shares. The stock had previously closed at $8.32.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PRTH shares. Keefe, Bruyette & Woods cut 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 upgraded Priority Technology to a "strong-buy" rating in a research note on Tuesday, March 18th.

Priority Technology Stock Down 8.8%

The firm has a market capitalization of $604.90 million, a P/E ratio of -69.04 and a beta of 1.44. The business has a 50-day moving average price of $7.89 and a 200-day moving average price of $8.60.

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 for the quarter, topping 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 firm had revenue of $224.63 million for the quarter, compared to analysts' expectations of $228.81 million. As a group, sell-side analysts forecast that Priority Technology Holdings, Inc. will post -0.09 EPS for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Steamboat Capital Partners LLC increased its position in shares of Priority Technology by 200.6% during the 1st quarter. Steamboat Capital Partners LLC now owns 2,400,000 shares of the company's stock worth $16,356,000 after purchasing an additional 1,601,491 shares during the last quarter. Invesco Ltd. acquired a new position in shares of Priority Technology in the fourth quarter valued at about $4,883,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Priority Technology in the first quarter valued at approximately $2,809,000. Divisadero Street Capital Management LP acquired a new stake in shares of Priority Technology during the 4th quarter worth $4,524,000. Finally, AQR Capital Management LLC bought a new position in Priority Technology in the 1st quarter valued at about $2,292,000. 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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