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

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares saw an uptick in trading volume on Monday . 165,775 shares changed hands during mid-day trading, a decline of 23% from the previous session’s volume of 216,467 shares.The stock last traded at $6.92 and had previously closed at $7.66.

Wall Street Analyst Weigh In

Several research firms have weighed in on PRTH. Lake Street Capital raised their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $12.00 price target (down previously from $14.00) on shares of Priority Technology in a research report on Friday, March 7th. Finally, B. Riley lifted their price target on shares of Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, November 25th.

Priority Technology Trading Up 2.2 %

The firm’s 50 day moving average is $10.10 and its two-hundred day moving average is $8.37. The firm has a market cap of $565.09 million, a P/E ratio of -17.43 and a beta of 0.99.

Insider Buying and Selling

In related news, insider Sean Kiewiet sold 170,596 shares of Priority Technology stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $10.60, for a total transaction of $1,808,317.60. Following the transaction, the insider now owns 711,853 shares of the company’s stock, valued at $7,545,641.80. This trade represents a 19.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Charles Priore sold 294,167 shares of Priority Technology stock in a transaction that occurred on Friday, January 17th. The stock was 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 directly owns 34,025,319 shares in the company, valued at $253,148,373.36. The trade was a 0.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,293,127 shares of company stock valued at $39,920,204 in the last 90 days. 76.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. National Bank of Canada FI bought a new position in Priority Technology in the fourth quarter valued at approximately $56,000. Deutsche Bank AG bought a new position in Priority Technology in the fourth quarter valued at approximately $60,000. SG Americas Securities LLC bought a new position in Priority Technology in the fourth quarter valued at approximately $100,000. Wells Fargo & Company MN lifted its stake in Priority Technology by 53.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock valued at $101,000 after buying an additional 3,006 shares in the last quarter. Finally, Corient Private Wealth LLC bought a new position in Priority Technology in the fourth quarter valued at approximately $118,000. 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.