Priority Technology (NASDAQ:PRTH) Trading Down 9.5% – Should You Sell?

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares fell 9.5% during trading on Monday . The stock traded as low as $9.67 and last traded at $9.68. 175,751 shares were traded during mid-day trading, a decline of 46% from the average session volume of 324,675 shares. The stock had previously closed at $10.70.

Analysts Set New Price Targets

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

Priority Technology Stock Performance

The stock has a market capitalization of $622.22 million, a price-to-earnings ratio of -19.19 and a beta of 1.17. The business has a fifty day simple moving average of $9.59 and a 200 day simple moving average of $7.06.

Insider Activity at Priority Technology

In other news, insider Sean Kiewiet sold 170,596 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $10.60, for a total value of $1,808,317.60. Following the completion of the transaction, the insider now owns 711,853 shares of the company’s stock, valued at approximately $7,545,641.80. This represents a 19.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 231,215 shares of company stock valued at $2,360,486 over the last quarter. 76.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Priority Technology

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

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.