Hennessy Advisors Inc. Acquires Shares of 25,000 Priority Technology Holdings, Inc. (NASDAQ:PRTH)

Hennessy Advisors Inc. acquired a new stake in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) in the 1st quarter, HoldingsChannel reports. The firm acquired 25,000 shares of the company’s stock, valued at approximately $170,000.

Other institutional investors have also added to or reduced their stakes in the company. National Bank of Canada FI acquired a new position in Priority Technology during the fourth quarter valued at approximately $56,000. Deutsche Bank AG bought a new stake in shares of Priority Technology during the fourth quarter worth $60,000. Wells Fargo & Company MN grew its stake in shares of Priority Technology by 53.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock worth $101,000 after buying an additional 3,006 shares during the last quarter. Corient Private Wealth LLC bought a new stake in shares of Priority Technology during the fourth quarter worth $118,000. Finally, Quantbot Technologies LP bought a new stake in shares of Priority Technology during the fourth quarter worth $125,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

Priority Technology Stock Down 5.6%

Shares of Priority Technology stock opened at $7.80 on Monday. Priority Technology Holdings, Inc. has a twelve month low of $4.09 and a twelve month high of $12.47. The stock has a market cap of $622.07 million, a price-to-earnings ratio of -18.57 and a beta of 1.51. The company’s fifty day moving average is $7.47 and its 200 day moving average is $8.75.

Priority Technology (NASDAQ:PRTH) 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 1.96% and a negative return on equity of 15.86%. The company had revenue of $224.63 million for the quarter, compared to analysts’ expectations of $228.81 million. As a group, equities analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PRTH shares. Keefe, Bruyette & Woods decreased their target price on shares of 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 note on Tuesday, March 18th.

Insider Buying and Selling

In other Priority Technology news, General Counsel Bradley J. Miller sold 100,000 shares of the company’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $8.55, for a total transaction 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 represents a 29.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Marietta Davis sold 9,433 shares of the company’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $7.22, for a total transaction of $68,106.26. Following the sale, the director now directly owns 75,136 shares in the company, valued at $542,481.92. This trade represents a 11.15% decrease in their position. The disclosure for this sale can be found here. 66.20% of the stock is currently owned by insiders.

Priority Technology Profile

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.