Priority Technology (NASDAQ:PRTH) Shares Gap Up – Should You Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares gapped up before the market opened on Thursday . The stock had previously closed at $8.95, but opened at $9.40. Priority Technology shares last traded at $9.05, with a volume of 25,724 shares.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PRTH. B. Riley upped their target price on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Lake Street Capital increased their price target on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd. Finally, Keefe, Bruyette & Woods upped their price target on shares of Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Friday, November 22nd.

Priority Technology Stock Performance

The stock has a market capitalization of $674.71 million, a P/E ratio of -20.81 and a beta of 1.20. The stock’s fifty day simple moving average is $7.70 and its two-hundred day simple moving average is $6.21.

Insiders Place Their Bets

In other news, insider Sean Kiewiet sold 4,483 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $6.00, for a total transaction of $26,898.00. Following the transaction, the insider now directly owns 1,065,158 shares of the company’s stock, valued at $6,390,948. This represents a 0.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 76,766 shares of company stock worth $656,166. 76.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PRTH. Rebalance LLC bought a new position in shares of Priority Technology in the third quarter valued at approximately $4,822,000. Pekin Hardy Strauss Inc. bought a new stake in Priority Technology during the second quarter valued at approximately $301,000. Renaissance Technologies LLC bought a new position in Priority Technology in the second quarter valued at $202,000. Geode Capital Management LLC grew its holdings in shares of Priority Technology by 5.8% in the third quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock worth $2,707,000 after purchasing an additional 21,598 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of Priority Technology by 255.9% in the third quarter. Barclays PLC now owns 26,064 shares of the company’s stock worth $178,000 after purchasing an additional 18,741 shares during the last quarter. 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.