Priority Technology (NASDAQ:PRTH) Sees Strong Trading Volume – Should You Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares saw unusually-high trading volume on Monday . Approximately 146,981 shares traded hands during mid-day trading, an increase of 167% from the previous session’s volume of 55,095 shares.The stock last traded at $8.31 and had previously closed at $7.99.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. B. Riley raised their price objective on shares of Priority Technology from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Keefe, Bruyette & Woods restated a “market perform” rating and set a $9.00 price target (up from $5.00) on shares of Priority Technology in a research report on Friday, November 8th.

Priority Technology Stock Up 5.1 %

The stock has a fifty day moving average of $6.37 and a 200-day moving average of $5.34. The firm has a market capitalization of $648.23 million, a P/E ratio of -19.02 and a beta of 1.01.

Insider Activity

In other Priority Technology news, CEO Thomas Charles Priore sold 16,000 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $5.08, for a total value of $81,280.00. Following the transaction, the chief executive officer now directly owns 34,301,608 shares in the company, valued at approximately $174,252,168.64. This trade represents a 0.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean Kiewiet sold 7,201 shares of Priority Technology stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $5.90, for a total value of $42,485.90. Following the completion of the sale, the insider now directly owns 1,094,652 shares of the company’s stock, valued at $6,458,446.80. This trade represents a 0.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 64,498 shares of company stock valued at $368,761 over the last three months. 76.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Rebalance LLC bought a new stake in shares of Priority Technology during the third quarter worth approximately $4,822,000. Vanguard Group Inc. lifted its stake in shares of Priority Technology by 25.7% in the 1st quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock valued at $2,494,000 after purchasing an additional 156,044 shares during the period. Pekin Hardy Strauss Inc. bought a new position in Priority Technology during the second quarter worth about $301,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Priority Technology in the 1st quarter valued at about $164,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Priority Technology in the 2nd quarter valued at approximately $202,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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.