Priority Technology (NASDAQ:PRTH) Stock Price Down 6.8% – Here’s What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH) dropped 6.8% during trading on Friday . The stock traded as low as $10.89 and last traded at $11.03. Approximately 135,998 shares traded hands during mid-day trading, an increase of 56% from the average daily volume of 86,951 shares. The stock had previously closed at $11.84.

Analyst Upgrades and Downgrades

PRTH has been the subject of several research analyst reports. B. Riley raised their price objective on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Lake Street Capital lifted their price objective 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 boosted their price target on Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a report on Friday, November 22nd.

Priority Technology Trading Down 8.0 %

The business’s 50-day simple moving average is $8.13 and its two-hundred day simple moving average is $6.43. The company has a market capitalization of $840.69 million, a PE ratio of -25.93 and a beta of 1.19.

Insider Activity

In other Priority Technology news, insider Sean Kiewiet sold 4,483 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $6.00, for a total value of $26,898.00. Following the sale, the insider now owns 1,065,158 shares in the company, valued at approximately $6,390,948. This trade 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 can be accessed through this link. In the last ninety days, insiders sold 76,766 shares of company stock worth $656,166. 76.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rebalance LLC acquired a new position in shares of Priority Technology in the 3rd quarter worth approximately $4,822,000. Pekin Hardy Strauss Inc. acquired a new position in shares of Priority Technology in the 2nd quarter worth $301,000. Renaissance Technologies LLC acquired a new stake in shares of Priority Technology during the second quarter worth $202,000. JPMorgan Chase & Co. boosted its position in shares of Priority Technology by 273.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,900 shares of the company’s stock valued at $232,000 after purchasing an additional 24,811 shares during the period. Finally, Geode Capital Management LLC increased its stake in Priority Technology by 5.8% in the 3rd 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 in the last quarter. 11.52% of the stock is 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.