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

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) saw unusually-high trading volume on Wednesday . Approximately 98,963 shares were traded during mid-day trading, an increase of 103% from the previous session’s volume of 48,675 shares.The stock last traded at $6.54 and had previously closed at $6.35.

Wall Street Analyst Weigh In

A number of analysts recently commented on PRTH shares. Keefe, Bruyette & Woods upped their price target on shares of Priority Technology from $4.50 to $5.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. B. Riley raised their price target on Priority Technology from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Monday, September 23rd.

Priority Technology Price Performance

The stock has a 50 day moving average of $5.93 and a 200 day moving average of $4.85. The firm has a market cap of $483.26 million, a P/E ratio of -9.82 and a beta of 0.98.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.12) earnings per share for the quarter. Priority Technology had a negative return on equity of 9.60% and a net margin of 0.74%. The business had revenue of $219.87 million during the quarter.

Insider Activity at Priority Technology

In other news, CEO Thomas Charles Priore sold 16,000 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $5.08, for a total transaction of $81,280.00. Following the completion of the sale, the chief executive officer now directly owns 34,301,608 shares in the company, valued at approximately $174,252,168.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Sean Kiewiet sold 11,664 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $6.61, for a total value of $77,099.04. Following the completion of the sale, the insider now directly owns 1,073,494 shares of the company’s stock, valued at approximately $7,095,795.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Thomas Charles Priore sold 16,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $5.08, for a total transaction of $81,280.00. Following the transaction, the chief executive officer now owns 34,301,608 shares in the company, valued at $174,252,168.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,498 shares of company stock worth $367,044 in the last three months. 76.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new stake in Priority Technology in the first quarter worth about $50,000. Williams & Novak LLC purchased a new stake in shares of Priority Technology in the 2nd quarter worth approximately $77,000. State Board of Administration of Florida Retirement System bought a new position in Priority Technology during the 1st quarter valued at approximately $91,000. Jacobs Levy Equity Management Inc. bought a new position in Priority Technology during the 1st quarter valued at approximately $164,000. Finally, Renaissance Technologies LLC purchased a new position in Priority Technology during the second quarter valued at $202,000. 11.52% of the stock is owned by hedge funds and other institutional investors.

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.