Priority Technology Holdings, Inc. (NASDAQ:PRTH) Sees Large Increase in Short Interest

Priority Technology Holdings, Inc. (NASDAQ:PRTH) was the recipient of a significant growth in short interest in November. As of November 30th, there was short interest totalling 743,700 shares, a growth of 640.7% from the November 15th total of 100,400 shares. Currently, 5.5% of the shares of the stock are sold short. Based on an average daily volume of 153,600 shares, the days-to-cover ratio is currently 4.8 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PRTH shares. Lake Street Capital boosted their price target on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, November 22nd. Keefe, Bruyette & Woods increased 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 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 Up 3.9 %

Priority Technology stock traded up $0.37 during mid-day trading on Wednesday, reaching $9.86. 322,012 shares of the company’s stock were exchanged, compared to its average volume of 75,487. Priority Technology has a twelve month low of $2.82 and a twelve month high of $10.44. The company has a market cap of $761.17 million, a P/E ratio of -22.95 and a beta of 1.20. The company has a fifty day moving average of $7.33 and a 200-day moving average of $6.03.

Insider Buying and Selling

In related news, insider Sean Kiewiet sold 11,664 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was 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 owns 1,073,494 shares of the company’s stock, valued at approximately $7,095,795.34. This trade represents a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Rajiv Kumar sold 10,000 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.13, for a total value of $61,300.00. Following the transaction, the chief accounting officer now directly owns 11,587 shares in the company, valued at $71,028.31. This trade represents a 46.32 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,566 shares of company stock worth $715,466. 76.30% of the stock is owned by corporate insiders.

Institutional Trading of Priority Technology

Several hedge funds have recently modified their holdings of the stock. Jane Street Group LLC increased its holdings in Priority Technology by 6.1% during the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock worth $153,000 after purchasing an additional 1,293 shares during the period. BNP Paribas Financial Markets grew its position in shares of Priority Technology by 61.7% during the third 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 in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Priority Technology by 15.8% during the third 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. Pekin Hardy Strauss Inc. raised its holdings in Priority Technology by 17.0% in the third 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 in the last quarter. Finally, Corsair Capital Management L.P. lifted its stake in Priority Technology by 10.5% in the third quarter. Corsair Capital Management L.P. now owns 105,458 shares of the company’s stock worth $720,000 after acquiring an additional 10,000 shares during the last quarter. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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.