Priority Technology (NASDAQ:PRTH) Shares Down 5% – What’s Next?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares dropped 5% during trading on Wednesday . The stock traded as low as $8.47 and last traded at $8.53. 97,184 shares traded hands during trading, an increase of 73% from the average daily volume of 56,307 shares. The stock had previously closed at $8.98.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. B. Riley lifted their price objective on shares of Priority Technology from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, September 23rd. Lake Street Capital upped their price target on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods raised their price objective on Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a research note on Friday.

Priority Technology Trading Down 4.0 %

The stock has a market cap of $618.90 million, a P/E ratio of -21.12 and a beta of 1.01. The company’s fifty day simple moving average is $6.59 and its 200-day simple moving average is $5.46.

Insider Buying and Selling at Priority Technology

In other news, CAO Rajiv Kumar sold 10,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $6.13, for a total value of $61,300.00. Following the sale, the chief accounting officer now owns 11,587 shares of the company’s stock, valued at approximately $71,028.31. This represents a 46.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Kiewiet sold 7,201 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $5.90, for a total transaction of $42,485.90. Following the completion of the sale, the insider now directly owns 1,094,652 shares in the company, valued at approximately $6,458,446.80. The trade was a 0.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,302 shares of company stock valued at $286,501 in the last 90 days. 76.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new position in Priority Technology during the 1st quarter worth about $50,000. Williams & Novak LLC bought a new position in shares of Priority Technology in the 2nd quarter valued at about $77,000. State Board of Administration of Florida Retirement System acquired a new stake in shares of Priority Technology during the 1st quarter worth approximately $91,000. BNP Paribas Financial Markets raised its stake in shares of Priority Technology by 61.7% during the third quarter. BNP Paribas Financial Markets now owns 15,983 shares of the company’s stock worth $109,000 after buying an additional 6,096 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Priority Technology during the third quarter worth approximately $112,000. Institutional investors and hedge funds own 11.52% of the company’s stock.

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.