Priority Technology (NASDAQ:PRTH) Receives Outperform Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reiterated their outperform rating on shares of Priority Technology (NASDAQ:PRTH) in a report issued on Friday morning,Benzinga reports. The firm currently has a $12.00 target price on the stock, down from their prior target price of $14.00.

PRTH has been the subject of a number of other reports. B. Riley raised their price objective on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Lake Street Capital increased their price target on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 22nd.

Priority Technology Stock Down 1.2 %

Shares of Priority Technology stock opened at $7.66 on Friday. The stock has a market cap of $591.34 million, a price-to-earnings ratio of -18.24 and a beta of 0.99. Priority Technology has a twelve month low of $2.82 and a twelve month high of $12.47. The company’s fifty day moving average is $10.28 and its 200 day moving average is $8.29.

Insiders Place Their Bets

In other Priority Technology news, Director John Vito Priore sold 1,242,856 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total value of $9,246,848.64. Following the completion of the sale, the director now directly owns 4,071,574 shares in the company, valued at approximately $30,292,510.56. This trade represents a 23.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Charles Priore sold 294,167 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $7.44, for a total transaction of $2,188,602.48. Following the transaction, the chief executive officer now owns 34,025,319 shares in the company, valued at $253,148,373.36. This represents a 0.86 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,293,227 shares of company stock worth $39,921,204. Corporate insiders own 76.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRTH. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Priority Technology in the 3rd quarter worth about $112,000. Charles Schwab Investment Management Inc. raised its position in Priority Technology by 15.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after acquiring an additional 7,719 shares during the period. Pekin Hardy Strauss Inc. lifted its stake in Priority Technology by 17.0% in the third quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock valued at $455,000 after purchasing an additional 9,675 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Priority Technology by 61.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock valued at $109,000 after buying an additional 6,096 shares during the last quarter. Finally, Corsair Capital Management L.P. boosted its position in Priority Technology by 10.5% during the third quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock worth $720,000 after purchasing an additional 10,000 shares during the period. Institutional investors own 11.52% of the company’s stock.

About Priority Technology

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.