Wall Street Zen Downgrades Priority Technology (NASDAQ:PRTH) to Buy

Priority Technology (NASDAQ:PRTH) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

Several other equities analysts have also weighed in on PRTH. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a research note on Wednesday, June 24th. Zacks Research lowered shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Priority Technology has an average rating of “Moderate Buy” and an average price target of $8.75.

Priority Technology Price Performance

PRTH stock opened at $6.50 on Friday. The company has a market cap of $535.34 million, a price-to-earnings ratio of 9.16 and a beta of 1.57. The business has a fifty day simple moving average of $6.61 and a 200-day simple moving average of $5.83. Priority Technology has a 52 week low of $4.44 and a 52 week high of $8.59.

Priority Technology (NASDAQ:PRTH) last issued its earnings results on Monday, May 11th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates 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%. As a group, analysts expect that Priority Technology will post 1.24 earnings per share for the current fiscal year.

Institutional Trading of Priority Technology

Several large investors have recently bought and sold shares of PRTH. FourWorld Capital Management LLC grew its holdings in Priority Technology by 330.0% during the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock valued at $7,476,000 after purchasing an additional 1,215,583 shares in the last quarter. Wells Fargo & Company MN raised its stake in Priority Technology by 1,912.7% during the fourth quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock valued at $3,876,000 after buying an additional 675,803 shares in the last quarter. Norwood Investment Partners LP acquired a new stake in shares of Priority Technology during the 4th quarter valued at approximately $3,433,000. Beartown Capital Management LLC bought a new stake in Priority Technology during the fourth quarter valued at $2,180,000. Finally, AQR Capital Management LLC bought a new stake in Priority Technology during the first quarter valued at $2,292,000. Institutional investors and hedge funds 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.