Priority Technology (NASDAQ:PRTH) Stock Rating Lowered by Alliance Global Partners

Key Points

• Alliance Global Partners downgraded Priority Technology from “buy” to “neutral” while maintaining a $7.00 price target, implying 29.49% upside from the stock’s current price.
• Analyst sentiment has weakened, with the consensus rating now at “hold” from six analysts and a consensus price target of $8.40.
• Shares fell 18.8% to $5.41 in Thursday trading, despite the company beating quarterly estimates with $0.29 in adjusted EPS versus the $0.26 consensus and revenue of $262.26 million.

Priority Technology (NASDAQ:PRTH - Get Free Report) was downgraded by research analysts at Alliance Global Partners from a "buy" rating to a "neutral" rating in a report released on Thursday, MarketBeat.com reports. They presently have a $7.00 price target on the stock. Alliance Global Partners' target price indicates a potential upside of 29.49% from the stock's current price.

PRTH has been the topic of several other research reports. Zacks Research downgraded Priority Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Weiss Ratings restated a "hold (c)" rating on shares of Priority Technology in a report on Wednesday, June 24th. Finally, Wall Street Zen downgraded Priority Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 1st. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $8.40.

Priority Technology Trading Down 18.8%

Priority Technology stock traded down $1.25 during trading on Thursday, hitting $5.41. The company had a trading volume of 1,252,569 shares, compared to its average volume of 340,410. The stock has a market cap of $445.21 million, a price-to-earnings ratio of 7.61 and a beta of 1.57. Priority Technology has a 1-year low of $4.44 and a 1-year high of $8.59. The company's 50 day simple moving average is $6.65 and its 200-day simple moving average is $5.85.

Priority Technology (NASDAQ:PRTH - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.03. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%.The company had revenue of $262.26 million for the quarter, compared to analysts' expectations of $257.81 million. As a group, analysts forecast that Priority Technology will post 1.24 earnings per share for the current fiscal year.

Institutional Trading of Priority Technology

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its holdings in Priority Technology by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company's stock valued at $35,000 after buying an additional 1,863 shares during the last quarter. Rhumbline Advisers raised its stake in Priority Technology by 10.2% in the first quarter. Rhumbline Advisers now owns 26,131 shares of the company's stock valued at $178,000 after buying an additional 2,425 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 buying an additional 2,648 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Priority Technology by 14.4% during the 3rd quarter. Alliancebernstein L.P. now owns 25,460 shares of the company's stock worth $175,000 after acquiring an additional 3,200 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Priority Technology by 3.9% in the 3rd quarter. Quarry LP now owns 88,122 shares of the company's stock valued at $605,000 after acquiring an additional 3,303 shares during the last quarter. Hedge funds and other institutional investors own 11.52% of the company's stock.

Priority Technology Company Profile

Priority Technology Acquisition Corp is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization or similar business combination with one or more businesses in the technology sector. As a blank-check company, it does not conduct any operations of its own and holds the proceeds from its initial public offering in a trust account pending the identification and completion of a business combination.

The company’s management team is focused on evaluating target businesses that offer scalable technology products or services, including software, digital platforms and related infrastructure.

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