Invenomic Capital Management LP Invests $2.31 Million in Priority Technology Holdings, Inc. $PRTH

Invenomic Capital Management LP bought a new position in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 335,881 shares of the company’s stock, valued at approximately $2,308,000.

A number of other hedge funds have also added to or reduced their stakes in PRTH. Brevan Howard Capital Management LP acquired a new stake in Priority Technology in the 3rd quarter valued at $100,000. Bank of America Corp DE boosted its stake in shares of Priority Technology by 127.4% during the 3rd quarter. Bank of America Corp DE now owns 308,321 shares of the company’s stock worth $2,118,000 after buying an additional 172,741 shares during the last quarter. Boothbay Fund Management LLC boosted its stake in shares of Priority Technology by 26.4% during the 3rd quarter. Boothbay Fund Management LLC now owns 159,539 shares of the company’s stock worth $1,096,000 after buying an additional 33,276 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Priority Technology by 14.4% in the 3rd quarter. Alliancebernstein L.P. now owns 25,460 shares of the company’s stock valued at $175,000 after acquiring an additional 3,200 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Priority Technology by 166.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 54,411 shares of the company’s stock valued at $374,000 after acquiring an additional 33,957 shares in the last quarter. Institutional investors own 11.52% of the company’s stock.

Priority Technology Price Performance

Priority Technology stock opened at $5.07 on Tuesday. The company’s 50-day moving average is $5.62 and its 200-day moving average is $6.18. The firm has a market capitalization of $417.21 million, a PE ratio of 7.35 and a beta of 1.39. Priority Technology Holdings, Inc. has a fifty-two week low of $4.44 and a fifty-two week high of $8.89.

Priority Technology (NASDAQ:PRTH) last issued its earnings results on Tuesday, March 10th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02). Priority Technology had a net margin of 5.84% and a negative return on equity of 66.50%. The firm had revenue of $247.13 million during the quarter, compared to analyst estimates of $247.92 million. As a group, analysts expect that Priority Technology Holdings, Inc. will post -0.09 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wall Street Zen lowered Priority Technology from a “buy” rating to a “hold” rating in a report on Saturday. Zacks Research downgraded Priority Technology from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th. TD Cowen dropped their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Finally, TD Securities cut their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Priority Technology currently has an average rating of “Hold” and an average target price of $8.75.

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.