Priority Technology Holdings, Inc. (NASDAQ:PRTH) Receives $8.50 Consensus Target Price from Brokerages

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have been assigned an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $8.50.

A number of equities research analysts have commented on PRTH shares. Alliance Global Partners reissued a “buy” rating on shares of Priority Technology in a report on Thursday, November 6th. Wall Street Zen cut Priority Technology from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research note on Monday, December 29th. Industrial Alliance Securities set a $11.00 price target on Priority Technology in a report on Thursday, November 6th. Finally, Keefe, Bruyette & Woods downgraded Priority Technology from a “moderate buy” rating to a “hold” rating and dropped their price target for the stock from $9.00 to $6.00 in a research note on Tuesday, November 11th.

Priority Technology Price Performance

Shares of NASDAQ:PRTH opened at $5.91 on Thursday. The company has a market capitalization of $483.85 million, a P/E ratio of 11.15 and a beta of 1.37. Priority Technology has a 1-year low of $4.44 and a 1-year high of $12.47. The firm’s 50 day simple moving average is $5.64 and its two-hundred day simple moving average is $6.84.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings data 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 net margin of 5.78% and a negative return on equity of 60.29%. The firm had revenue of $241.44 million for the quarter, compared to the consensus estimate of $251.74 million. On average, sell-side analysts anticipate that Priority Technology will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

Several institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new stake in Priority Technology in the 2nd quarter valued at $29,000. BNP Paribas Financial Markets grew its position 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 valued at $35,000 after purchasing an additional 1,863 shares in the last quarter. Strs Ohio bought a new stake in shares of Priority Technology in the first quarter worth about $46,000. The Manufacturers Life Insurance Company bought a new stake in shares of Priority Technology in the second quarter worth about $82,000. Finally, Savant Capital LLC purchased a new stake in shares of Priority Technology in the second quarter worth about $101,000. 11.52% of the stock is owned by hedge funds and other 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.