Priority Technology (NASDAQ:PRTH) Sees Strong Trading Volume – Time to Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares saw unusually-high trading volume on Thursday . Approximately 827,631 shares traded hands during mid-day trading, an increase of 188% from the previous session’s volume of 287,088 shares.The stock last traded at $6.9630 and had previously closed at $6.47.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PRTH shares. TD Securities cut their price target on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research report on Friday, March 27th. TD Cowen cut their target price 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. Zacks Research upgraded Priority Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, June 10th. Finally, Wall Street Zen raised Priority Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.75.

Priority Technology Price Performance

The firm’s fifty day moving average price is $5.75 and its 200-day moving average price is $5.57. The firm has a market capitalization of $590.52 million, a P/E ratio of 10.10 and a beta of 1.55.

Priority Technology (NASDAQ:PRTH) last announced its earnings results on Monday, May 11th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.22 by $0.06. The firm had revenue of $249.56 million for the quarter, compared to analysts’ expectations of $242.87 million. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%. Analysts expect that Priority Technology Holdings, Inc. will post 1.24 earnings per share for the current year.

Institutional Trading of Priority Technology

Institutional investors have recently modified their holdings of the company. FourWorld Capital Management LLC boosted its stake in Priority Technology by 330.0% during the first quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock valued at $7,476,000 after buying an additional 1,215,583 shares in the last quarter. Steamboat Capital Partners LLC raised its position in Priority Technology by 13.5% in the fourth quarter. Steamboat Capital Partners LLC now owns 1,576,734 shares of the company’s stock worth $8,593,000 after acquiring an additional 187,893 shares in the last quarter. Vanguard Group Inc. raised its position in Priority Technology by 13.9% in the third quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after acquiring an additional 181,795 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Priority Technology by 1,912.7% in the 4th quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock valued at $3,876,000 after acquiring an additional 675,803 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Priority Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 660,518 shares of the company’s stock valued at $3,601,000 after acquiring an additional 53,317 shares during the last quarter. Institutional investors and hedge funds 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.