Rajiv Kumar Sells 10,000 Shares of Priority Technology (NASDAQ:PRTH) Stock

Priority Technology Holdings, Inc. (NASDAQ:PRTH) CAO Rajiv Kumar sold 10,000 shares of the firm’s stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $8.00, for a total value of $80,000.00. Following the sale, the chief accounting officer directly owned 46,074 shares in the company, valued at approximately $368,592. This represents a 17.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Priority Technology Stock Performance

Shares of PRTH opened at $5.91 on Friday. The stock has a 50 day simple moving average of $5.72 and a 200 day simple moving average of $6.63. Priority Technology Holdings, Inc. has a 52-week low of $4.44 and a 52-week high of $12.47. The firm has a market capitalization of $483.86 million, a PE ratio of 11.15 and a beta of 1.37.

Priority Technology (NASDAQ:PRTH) last announced its earnings results on Thursday, November 6th. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.02). Priority Technology had a negative return on equity of 60.29% and a net margin of 5.78%.The company had revenue of $241.44 million for the quarter, compared to analyst estimates of $251.74 million. Equities research analysts predict that Priority Technology Holdings, Inc. will post -0.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PRTH. Keefe, Bruyette & Woods downgraded Priority Technology from a “moderate buy” rating to a “hold” rating and dropped their price target for the company from $9.00 to $6.00 in a research note on Tuesday, November 11th. Alliance Global Partners reissued a “buy” rating on shares of Priority Technology in a research report on Thursday, November 6th. Zacks Research upgraded Priority Technology from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 7th. Wall Street Zen cut shares of Priority Technology from a “buy” rating to a “hold” rating in a research note on Saturday, January 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $8.50.

Hedge Funds Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently made changes to their positions in PRTH. Vanguard Group Inc. raised its position in Priority Technology by 13.9% during the third quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after acquiring an additional 181,795 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Priority Technology by 66.2% during the 2nd quarter. Acadian Asset Management LLC now owns 594,095 shares of the company’s stock worth $4,618,000 after purchasing an additional 236,622 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Priority Technology by 70.5% in the 2nd quarter. AQR Capital Management LLC now owns 573,345 shares of the company’s stock valued at $4,461,000 after purchasing an additional 237,004 shares during the period. Geode Capital Management LLC lifted its stake in Priority Technology by 19.4% in the 2nd quarter. Geode Capital Management LLC now owns 536,349 shares of the company’s stock valued at $4,173,000 after purchasing an additional 87,127 shares during the last quarter. Finally, Prelude Capital Management LLC grew its holdings in Priority Technology by 38.9% during the third quarter. Prelude Capital Management LLC now owns 422,734 shares of the company’s stock worth $2,904,000 after purchasing an additional 118,293 shares during the period. 11.52% of the stock is owned by institutional investors.

About Priority Technology

Priority Technology Acquisition Corp is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization or similar business combination with one or more businesses in the technology sector. As a blank-check company, it does not conduct any operations of its own and holds the proceeds from its initial public offering in a trust account pending the identification and completion of a business combination.

The company’s management team is focused on evaluating target businesses that offer scalable technology products or services, including software, digital platforms and related infrastructure.