Priority Technology (NASDAQ:PRTH) Stock Price Down 6.8% – Time to Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH)’s stock price dropped 6.8% on Friday . The stock traded as low as $10.89 and last traded at $11.03. Approximately 135,998 shares were traded during trading, an increase of 56% from the average daily volume of 86,951 shares. The stock had previously closed at $11.84.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Friday, November 22nd. B. Riley lifted their price target on Priority Technology from $13.00 to $16.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Lake Street Capital increased their price objective on Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 22nd.

Priority Technology Stock Performance

The stock has a 50-day simple moving average of $8.13 and a 200 day simple moving average of $6.43. The stock has a market capitalization of $840.69 million, a P/E ratio of -25.93 and a beta of 1.19.

Insider Buying and Selling

In related news, insider Sean Kiewiet sold 4,483 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $6.00, for a total value of $26,898.00. Following the completion of the transaction, the insider now directly owns 1,065,158 shares of the company’s stock, valued at approximately $6,390,948. This represents a 0.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 76,766 shares of company stock valued at $656,166 in the last 90 days. 76.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently made changes to their positions in PRTH. Rebalance LLC acquired a new stake in shares of Priority Technology in the third quarter valued at approximately $4,822,000. Pekin Hardy Strauss Inc. acquired a new stake in Priority Technology during the 2nd quarter worth approximately $301,000. Renaissance Technologies LLC acquired a new position in shares of Priority Technology in the second quarter valued at about $202,000. JPMorgan Chase & Co. increased its holdings in shares of Priority Technology by 273.0% during the third quarter. JPMorgan Chase & Co. now owns 33,900 shares of the company’s stock worth $232,000 after purchasing an additional 24,811 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Priority Technology by 5.8% in the 3rd quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock valued at $2,707,000 after acquiring an additional 21,598 shares in the last quarter. 11.52% of the stock is owned by 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.