Divisadero Street Capital Management LP Reduces Stock Position in Priority Technology Holdings, Inc. $PRTH

Divisadero Street Capital Management LP decreased its position in Priority Technology Holdings, Inc. (NASDAQ:PRTH) by 45.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,491,210 shares of the company’s stock after selling 1,255,625 shares during the period. Divisadero Street Capital Management LP’s holdings in Priority Technology were worth $10,245,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRTH. Raymond James Financial Inc. acquired a new stake in shares of Priority Technology during the 2nd quarter worth about $29,000. BNP Paribas Financial Markets raised its position in shares of Priority Technology by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock valued at $35,000 after buying an additional 1,863 shares during the last quarter. Strs Ohio purchased a new position in shares of Priority Technology during the first quarter valued at approximately $46,000. The Manufacturers Life Insurance Company purchased a new position in shares of Priority Technology during the second quarter valued at approximately $82,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Priority Technology by 25.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company’s stock worth $89,000 after acquiring an additional 2,648 shares during the last quarter. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PRTH has been the subject of several analyst reports. TD Cowen cut their price target on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th. Wall Street Zen lowered Priority Technology from a “buy” rating to a “hold” rating in a research note on Saturday. TD Securities reduced their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Finally, Zacks Research lowered Priority Technology from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 11th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $8.75.

Priority Technology Stock Down 0.8%

Shares of PRTH opened at $4.96 on Monday. The firm has a market cap of $408.16 million, a PE ratio of 7.19 and a beta of 1.39. The company’s fifty day moving average is $5.63 and its two-hundred day moving average is $6.21. Priority Technology Holdings, Inc. has a fifty-two week low of $4.44 and a fifty-two week high of $8.89.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings data 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 analyst estimates of $247.92 million. Priority Technology had a negative return on equity of 66.50% and a net margin of 5.84%. As a group, equities research analysts anticipate that Priority Technology Holdings, Inc. will post -0.09 earnings per share for the current year.

Priority Technology Profile

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.