Priority Technology (NASDAQ:PRTH) Sees Large Volume Increase – Still a Buy?

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) saw unusually-high trading volume on Wednesday . Approximately 257,981 shares changed hands during trading, a decline of 15% from the previous session’s volume of 304,159 shares.The stock last traded at $8.01 and had previously closed at $9.57.

Wall Street Analyst Weigh In

PRTH has been the subject of several analyst reports. B. Riley lifted their price target on shares of Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a report on Monday, November 25th. Keefe, Bruyette & Woods upped their target price on shares of Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a research report on Friday, November 22nd. Finally, Lake Street Capital upped their target price on shares of Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 22nd.

Priority Technology Stock Down 15.3 %

The stock’s 50-day moving average price is $9.59 and its 200-day moving average price is $7.06. The company has a market capitalization of $626.08 million, a price-to-earnings ratio of -19.31 and a beta of 1.17.

Insider Buying and Selling

In related news, insider Sean Kiewiet sold 22,178 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $10.01, for a total transaction of $222,001.78. Following the completion of the sale, the insider now directly owns 1,009,675 shares of the company’s stock, valued at $10,106,846.75. The trade was a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 231,215 shares of company stock valued at $2,360,486 over the last ninety days. Insiders own 76.30% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ritholtz Wealth Management raised its stake in shares of Priority Technology by 99.1% during the fourth quarter. Ritholtz Wealth Management now owns 24,780 shares of the company’s stock worth $291,000 after buying an additional 12,336 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Priority Technology by 273.0% during the third quarter. JPMorgan Chase & Co. now owns 33,900 shares of the company’s stock worth $232,000 after buying an additional 24,811 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Priority Technology during the third quarter worth approximately $91,000. Barclays PLC raised its stake in shares of Priority Technology by 255.9% during the third quarter. Barclays PLC now owns 26,064 shares of the company’s stock worth $178,000 after buying an additional 18,741 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Priority Technology by 5.8% in the third quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock valued at $2,707,000 after purchasing an additional 21,598 shares in the last quarter. 11.52% of the stock is owned by institutional investors.

Priority Technology Company Profile

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.