Analysts Set Priority Technology Holdings, Inc. (NASDAQ:PRTH) Price Target at $8.50

Priority Technology Holdings, Inc. (NASDAQ:PRTH) has received a consensus recommendation of “Hold” from the five analysts that are currently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $8.50.

Several analysts recently issued reports on PRTH shares. Zacks Research raised Priority Technology from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research note on Monday, December 29th. Alliance Global Partners reissued a “buy” rating on shares of Priority Technology in a report on Thursday, November 6th. Wall Street Zen cut shares of Priority Technology from a “buy” rating to a “hold” rating in a report on Saturday, January 3rd. Finally, Keefe, Bruyette & Woods downgraded shares of Priority Technology from a “moderate buy” rating to a “hold” rating and cut their price objective for the company from $9.00 to $6.00 in a research report on Tuesday, November 11th.

Priority Technology Stock Performance

Priority Technology stock opened at $5.49 on Monday. Priority Technology has a 1 year low of $4.44 and a 1 year high of $12.47. The firm’s 50-day moving average is $5.72 and its 200-day moving average is $6.59. The company has a market cap of $449.47 million, a P/E ratio of 10.36 and a beta of 1.40.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). Priority Technology had a negative return on equity of 60.29% and a net margin of 5.78%.The business had revenue of $241.44 million for the quarter, compared to analyst estimates of $251.74 million. As a group, sell-side analysts predict that Priority Technology will post -0.09 earnings per share for the current year.

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 business. Investors Asset Management of Georgia Inc. GA ADV increased its position in Priority Technology by 6.6% in the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 167,185 shares of the company’s stock valued at $911,000 after acquiring an additional 10,300 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Priority Technology by 19.2% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 32,954 shares of the company’s stock worth $181,000 after purchasing an additional 5,307 shares in the last quarter. PharVision Advisers LLC acquired a new position in shares of Priority Technology during the third quarter valued at $144,000. Quarry LP raised its stake in shares of Priority Technology by 3.9% during the third quarter. Quarry LP now owns 88,122 shares of the company’s stock valued at $605,000 after purchasing an additional 3,303 shares in the last quarter. Finally, Qube Research & Technologies Ltd raised its stake in shares of Priority Technology by 327.0% during the third quarter. Qube Research & Technologies Ltd now owns 169,992 shares of the company’s stock valued at $1,168,000 after purchasing an additional 130,177 shares in the last quarter. 11.52% of the stock is owned by institutional investors.

About Priority Technology

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.