Priority Technology (NASDAQ:PRTH) Sees Strong Trading Volume – Still a Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) saw strong trading volume on Wednesday. 1,628,380 shares changed hands during mid-day trading, an increase of 192% from the previous session’s volume of 557,562 shares. The stock last traded at $7.7850 and had previously closed at $7.78.

Analyst Ratings Changes

Several brokerages recently commented on PRTH. Keefe, Bruyette & Woods raised their target price on Priority Technology from $6.50 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, September 22nd. Wall Street Zen lowered Priority Technology from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research note on Monday, September 21st. B. Riley Financial downgraded shares of Priority Technology from a “buy” rating to a “neutral” rating and set a $8.05 target price for the company. in a research report on Friday, October 2nd. Finally, Zacks Research lowered Priority Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $8.59.

Priority Technology Price Performance

The company has a market capitalization of $641.80 million, a price-to-earnings ratio of 11.28 and a beta of 1.58. The business has a fifty day moving average price of $6.22 and a 200 day moving average price of $6.03.

Priority Technology (NASDAQ:PRTH) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. Priority Technology had a negative return on equity of 104.91% and a net margin of 5.61%.The company had revenue of $262.26 million for the quarter, compared to analysts’ expectations of $257.81 million. Research analysts anticipate that Priority Technology Holdings, Inc. will post 1.23 earnings per share for the current year.

Institutional Trading of Priority Technology

Large investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC purchased a new position in Priority Technology during the second quarter valued at approximately $67,000. Steamboat Capital Partners LLC raised its position in Priority Technology by 4.6% during the second quarter. Steamboat Capital Partners LLC now owns 1,335,669 shares of the company’s stock valued at $8,909,000 after acquiring an additional 58,273 shares in the last quarter. Pale Fire Capital SE bought a new stake in Priority Technology in the second quarter worth approximately $167,000. One68 Global Capital LLC bought a new position in shares of Priority Technology during the 2nd quarter valued at $73,000. Finally, Bank of America Corp DE acquired a new position in Priority Technology during the second quarter worth $1,624,000. 11.52% of the stock is owned by institutional investors and hedge funds.

About Priority Technology

Priority Technology Holdings, Inc is a payments technology company that provides payment processing and merchant services to businesses, financial institutions and software providers. Its platform supports card, digital and alternative payment acceptance, transaction processing, merchant onboarding, reporting and related payment operations.

The company serves small and midsize businesses, enterprise merchants and software platforms through integrated and embedded payment solutions. Its offerings are designed to help organizations incorporate payments into business-management software and workflows, while also providing tools such as billing, invoicing, data reporting, risk management and access to business financing solutions.

Priority Technology was founded in 2005 and is headquartered in Alpharetta, Georgia.