FourWorld Capital Management LLC Increases Stake in Priority Technology Holdings, Inc. $PRTH

FourWorld Capital Management LLC grew its position in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) by 330.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,583,904 shares of the company’s stock after acquiring an additional 1,215,583 shares during the period. Priority Technology comprises 3.9% of FourWorld Capital Management LLC’s portfolio, making the stock its 3rd largest position. FourWorld Capital Management LLC’s holdings in Priority Technology were worth $7,476,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets boosted its holdings in shares of Priority Technology by 57.3% during the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after purchasing an additional 1,863 shares during the period. Rhumbline Advisers raised its position in Priority Technology by 10.2% during the 1st quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock valued at $178,000 after purchasing an additional 2,425 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Priority Technology by 25.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company’s stock valued at $89,000 after purchasing an additional 2,648 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Priority Technology by 14.4% in the 3rd quarter. Alliancebernstein L.P. now owns 25,460 shares of the company’s stock worth $175,000 after buying an additional 3,200 shares during the period. Finally, Quarry LP lifted its holdings in Priority Technology by 3.9% in the 3rd quarter. Quarry LP now owns 88,122 shares of the company’s stock worth $605,000 after buying an additional 3,303 shares during the period. 11.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PRTH. Zacks Research lowered Priority Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a report on Wednesday, June 24th. Finally, Wall Street Zen raised Priority Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 20th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Priority Technology has an average rating of “Moderate Buy” and a consensus price target of $8.75.

Priority Technology Price Performance

NASDAQ PRTH opened at $6.29 on Monday. The business’s fifty day moving average price is $6.52 and its 200-day moving average price is $5.80. The stock has a market capitalization of $518.04 million, a price-to-earnings ratio of 8.86 and a beta of 1.54. Priority Technology Holdings, Inc. has a 1-year low of $4.44 and a 1-year high of $8.59.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings results on Monday, May 11th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.06. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%.The firm had revenue of $249.56 million for the quarter, compared to the consensus estimate of $242.87 million. Equities research analysts anticipate that Priority Technology Holdings, Inc. will post 1.24 EPS for the current year.

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.