Priority Technology (NASDAQ:PRTH) Shares Gap Up – Should You Buy?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $8.95, but opened at $9.40. Priority Technology shares last traded at $9.05, with a volume of 25,724 shares changing hands.

Analyst Ratings Changes

PRTH has been the subject of several research analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Priority Technology from $9.00 to $10.00 and gave the stock a “market perform” rating in a research report on Friday, November 22nd. Lake Street Capital raised their target price 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. Finally, B. Riley upped their price target on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, November 25th.

Priority Technology Stock Performance

The stock has a market capitalization of $674.71 million, a P/E ratio of -20.81 and a beta of 1.20. The firm has a fifty day moving average price of $7.70 and a two-hundred day moving average price of $6.21.

Insider Buying and Selling at Priority Technology

In related news, insider Sean Kiewiet sold 4,483 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $6.00, for a total value of $26,898.00. Following the transaction, the insider now directly owns 1,065,158 shares of the company’s stock, valued at approximately $6,390,948. This trade represents a 0.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 76,766 shares of company stock worth $656,166 in the last three months. 76.30% of the stock is currently owned by company insiders.

Institutional Trading of Priority Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of PRTH. Rebalance LLC purchased a new position in Priority Technology in the 3rd quarter worth approximately $4,822,000. Geode Capital Management LLC raised its holdings in shares of Priority Technology by 5.8% in the third quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock worth $2,707,000 after buying an additional 21,598 shares during the period. Corsair Capital Management L.P. boosted its holdings in Priority Technology by 10.5% during the 3rd quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock valued at $720,000 after acquiring an additional 10,000 shares during the period. Pekin Hardy Strauss Inc. grew its position in Priority Technology by 17.0% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 66,675 shares of the company’s stock valued at $455,000 after acquiring an additional 9,675 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Priority Technology by 15.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after buying an additional 7,719 shares during the period. Hedge funds and other institutional investors 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.