Priority Technology (NASDAQ:PRTH) Stock Rating Upgraded by Zacks Research

Priority Technology (NASDAQ:PRTH) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the stock. TD Cowen decreased their target price on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research note on Friday, March 27th. TD Securities decreased their target price on shares of 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, Wall Street Zen upgraded shares of Priority Technology from a “hold” rating to a “buy” rating in a research note on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $8.75.

Priority Technology Trading Up 1.5%

PRTH opened at $6.14 on Wednesday. The company has a market cap of $505.69 million, a price-to-earnings ratio of 8.65 and a beta of 1.55. The company’s 50 day moving average is $5.54 and its 200 day moving average is $5.54. Priority Technology has a 12-month low of $4.44 and a 12-month high of $8.89.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.06. Priority Technology had a net margin of 5.85% and a negative return on equity of 83.50%. The company had revenue of $249.56 million for the quarter, compared to the consensus estimate of $242.87 million. As a group, analysts predict that Priority Technology will post 1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Priority Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new stake in shares of Priority Technology during the second quarter valued at approximately $29,000. BNP Paribas Financial Markets raised its position in shares of Priority Technology by 57.3% during the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock valued at $35,000 after buying an additional 1,863 shares during the last quarter. Strs Ohio bought a new stake in shares of Priority Technology during the first quarter valued at approximately $46,000. Aaron Wealth Advisors LLC bought a new stake in shares of Priority Technology during the first quarter valued at approximately $50,000. Finally, Invesco Ltd. bought a new stake in shares of Priority Technology during the fourth quarter valued at approximately $58,000. Institutional investors own 11.52% of the company’s stock.

Priority Technology Company Profile

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.