Short Interest in Priority Technology Holdings, Inc. (NASDAQ:PRTH) Drops By 14.8%

Priority Technology Holdings, Inc. (NASDAQ:PRTH) was the recipient of a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 279,000 shares, a drop of 14.8% from the February 13th total of 327,500 shares. Approximately 1.3% of the company’s shares are sold short. Based on an average daily volume of 631,400 shares, the days-to-cover ratio is presently 0.4 days.

Priority Technology Trading Up 2.6 %

NASDAQ PRTH traded up $0.20 during mid-day trading on Wednesday, hitting $7.93. The company’s stock had a trading volume of 107,219 shares, compared to its average volume of 230,373. The company’s 50 day simple moving average is $9.69 and its 200 day simple moving average is $8.43. Priority Technology has a twelve month low of $2.82 and a twelve month high of $12.47. The firm has a market capitalization of $630.59 million, a price-to-earnings ratio of -18.88 and a beta of 0.99.

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 that occurred on Tuesday, January 21st. The shares were sold at an average price of $7.44, for a total transaction of $9,246,848.64. Following the completion of the transaction, the director now owns 4,071,574 shares in the company, valued at approximately $30,292,510.56. This trade represents a 23.39 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Kiewiet sold 170,596 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The stock was 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 approximately $7,545,641.80. The trade was a 19.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,293,027 shares of company stock worth $39,919,204. 76.30% of the stock is currently owned by insiders.

Institutional Trading of Priority Technology

Hedge funds have recently bought and sold shares of the business. National Bank of Canada FI acquired a new stake in Priority Technology in the 4th quarter valued at $56,000. Deutsche Bank AG purchased a new position in Priority Technology during the 4th quarter worth $60,000. SG Americas Securities LLC purchased a new position in Priority Technology during the 4th quarter worth $100,000. Wells Fargo & Company MN boosted its holdings in Priority Technology by 53.8% during the 4th quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock worth $101,000 after acquiring an additional 3,006 shares during the last quarter. Finally, Corient Private Wealth LLC purchased a new position in Priority Technology during the 4th quarter worth $118,000. Institutional investors and hedge funds own 11.52% of the company’s stock.

Wall Street Analyst Weigh In

PRTH has been the subject of several research analyst reports. Lake Street Capital lifted their price objective on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $12.00 price objective (down previously from $14.00) on shares of Priority Technology in a research note on Friday, March 7th. Finally, B. Riley lifted their price objective on shares of Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Monday, November 25th.

Priority Technology Company Profile

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.