Priority Technology (NASDAQ:PRTH) Issues Earnings Results

Priority Technology (NASDAQ:PRTH) released its quarterly earnings data on Tuesday. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02), FiscalAI reports. The firm had revenue of $247.13 million during the quarter, compared to analysts’ expectations of $247.92 million. Priority Technology had a negative return on equity of 60.29% and a net margin of 5.78%.

Priority Technology Price Performance

PRTH stock opened at $5.38 on Tuesday. The firm has a market cap of $440.46 million, a PE ratio of 10.15 and a beta of 1.39. Priority Technology has a 12 month low of $4.44 and a 12 month high of $8.89. The firm has a 50 day simple moving average of $5.65 and a 200 day simple moving average of $6.30.

Wall Street Analyst Weigh In

PRTH has been the topic of a number of recent research reports. Wall Street Zen raised shares of Priority Technology from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Keefe, Bruyette & Woods lowered Priority Technology from a “moderate buy” rating to a “hold” rating and lowered their price objective for the company from $9.00 to $6.00 in a report on Tuesday, November 11th. Zacks Research upgraded Priority Technology from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Priority Technology presently has an average rating of “Hold” and an average price target of $8.50.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new stake in shares of Priority Technology during the second quarter worth approximately $29,000. BNP Paribas Financial Markets raised its holdings in shares of Priority Technology by 57.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock valued at $35,000 after purchasing an additional 1,863 shares in the last quarter. Strs Ohio acquired a new stake in shares of Priority Technology in the first quarter worth about $46,000. Invesco Ltd. acquired a new stake in Priority Technology in the 4th quarter worth approximately $58,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Priority Technology in the second quarter valued at approximately $82,000. Institutional investors own 11.52% of the company’s stock.

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.