Priority Technology Holdings, Inc. (NASDAQ:PRTH) Given Consensus Rating of “Hold” by Brokerages

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have been given an average recommendation of “Hold” by the six analysts that are presently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $8.50.

A number of equities research analysts recently issued reports on PRTH shares. Zacks Research downgraded shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Wall Street Zen lowered Priority Technology from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Alliance Global Partners cut Priority Technology from a “buy” rating to a “neutral” rating and set a $7.00 price objective on the stock. in a research note on Thursday, August 6th. Keefe, Bruyette & Woods lowered their price objective on Priority Technology from $7.50 to $6.50 and set a “market perform” rating for the company in a research note on Friday, August 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research report on Wednesday, June 24th.

Hedge Funds Weigh In On Priority Technology

Hedge funds have recently added to or reduced their stakes in the company. FourWorld Capital Management LLC boosted its position in Priority Technology by 330.0% in the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock valued at $7,476,000 after buying an additional 1,215,583 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Priority Technology during the fourth quarter valued at approximately $584,000. Norwood Investment Partners LP purchased a new stake in shares of Priority Technology in the fourth quarter valued at approximately $3,433,000. Potomac Capital Management Inc. bought a new position in Priority Technology in the fourth quarter worth approximately $539,000. Finally, Militia Capital Management LLC purchased a new stake in shares of Priority Technology in the 1st quarter worth $99,000. 11.52% of the stock is currently owned by institutional investors.

Priority Technology Trading Down 0.7%

Shares of PRTH stock opened at $5.59 on Friday. Priority Technology has a 12-month low of $4.44 and a 12-month high of $8.59. The stock’s 50-day moving average price is $6.50 and its 200-day moving average price is $5.81. The stock has a market capitalization of $460.84 million, a price-to-earnings ratio of 8.10 and a beta of 1.57.

Priority Technology (NASDAQ:PRTH) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.03. Priority Technology had a negative return on equity of 104.91% and a net margin of 5.61%.The business had revenue of $262.26 million for the quarter, compared to analysts’ expectations of $257.81 million. As a group, research analysts predict that Priority Technology will post 1.23 EPS for the current fiscal year.

Priority Technology Company 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.