Priority Technology (NASDAQ:PRTH) Stock Rating Lowered by Wall Street Zen

Priority Technology (NASDAQ:PRTH) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Other analysts have also recently issued reports about the company. TD Securities decreased their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Zacks Research cut shares of Priority Technology from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a research note on Monday, December 29th. Finally, TD Cowen lowered their price objective on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.75.

Priority Technology Trading Down 0.8%

Shares of PRTH stock opened at $4.96 on Friday. The stock has a market capitalization of $408.16 million, a price-to-earnings ratio of 7.19 and a beta of 1.39. Priority Technology has a 12-month low of $4.44 and a 12-month high of $8.89. The stock’s 50-day moving average price is $5.63 and its 200-day moving average price is $6.21.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings results on Tuesday, March 10th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). The firm had revenue of $247.13 million for the quarter, compared to the consensus estimate of $247.92 million. Priority Technology had a net margin of 5.84% and a negative return on equity of 66.50%. As a group, research analysts predict that Priority Technology will post -0.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new position in shares of Priority Technology during the 2nd quarter valued at approximately $29,000. BNP Paribas Financial Markets lifted its position in Priority Technology by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after buying an additional 1,863 shares during the last quarter. Strs Ohio purchased a new position in Priority Technology during the first quarter worth $46,000. Invesco Ltd. purchased a new position in Priority Technology during the fourth quarter worth $58,000. Finally, AXQ Capital LP bought a new position in Priority Technology during the fourth quarter valued at $80,000. Hedge funds and other institutional investors own 11.52% of the company’s stock.

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.