Priority Technology (NASDAQ:PRTH) Shares Gap Up – Still a Buy?

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) gapped up prior to trading on Friday . The stock had previously closed at $8.66, but opened at $9.00. Priority Technology shares last traded at $8.94, with a volume of 391,855 shares changing hands.

Analyst Ratings Changes

Several research firms recently commented on PRTH. Keefe, Bruyette & Woods upgraded shares of Priority Technology from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $10.00 to $14.00 in a research report on Thursday. Lake Street Capital upped their price target on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd. Finally, B. Riley increased their target price on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a report on Monday, November 25th.

Priority Technology Price Performance

The stock’s 50-day moving average is $9.66 and its 200-day moving average is $7.08. The stock has a market cap of $688.16 million, a price-to-earnings ratio of -21.22 and a beta of 1.17.

Insider Transactions at Priority Technology

In other Priority Technology news, insider Sean Kiewiet sold 170,596 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $10.60, for a total value of $1,808,317.60. Following the sale, the insider now directly owns 711,853 shares of the company’s stock, valued at approximately $7,545,641.80. This trade represents a 19.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 231,215 shares of company stock worth $2,360,486 over the last quarter. 76.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PRTH. Virtu Financial LLC acquired a new position in Priority Technology during the third quarter worth approximately $91,000. BNP Paribas Financial Markets increased its holdings in shares of Priority Technology by 61.7% during the 3rd 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. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Priority Technology in the 3rd quarter worth $112,000. Jane Street Group LLC grew its position in Priority Technology by 6.1% during the third quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock valued at $153,000 after acquiring an additional 1,293 shares during the period. Finally, Ritholtz Wealth Management increased its stake in Priority Technology by 99.1% during the fourth quarter. Ritholtz Wealth Management now owns 24,780 shares of the company’s stock worth $291,000 after acquiring an additional 12,336 shares during the last quarter. 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.