Priority Technology (NASDAQ:PRTH) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Priority Technology (NASDAQ:PRTH) from a hold rating to a strong sell rating in a report issued on Wednesday morning,Zacks.com reports.

Other equities analysts have also issued reports about the stock. Keefe, Bruyette & Woods lowered shares of Priority Technology from a “moderate buy” rating to a “hold” rating and reduced their target price for the stock from $9.00 to $6.00 in a research report on Tuesday, November 11th. Wall Street Zen raised Priority Technology from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th. TD Cowen dropped their price target 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. Finally, TD Securities lowered 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. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $8.75.

Priority Technology Stock Down 4.0%

Shares of NASDAQ:PRTH opened at $5.00 on Wednesday. The firm’s 50 day moving average price is $5.64 and its 200 day moving average price is $6.26. The stock has a market cap of $409.35 million, a price-to-earnings ratio of 7.25 and a beta of 1.39. Priority Technology 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 results on Tuesday, March 10th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02). The firm had revenue of $247.13 million during the quarter, compared to analyst estimates of $247.92 million. Priority Technology had a net margin of 5.84% and a negative return on equity of 66.50%. On average, equities analysts anticipate that Priority Technology will post -0.09 EPS for the current year.

Institutional Trading of Priority Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRTH. BNP Paribas Financial Markets increased its holdings 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 purchasing an additional 1,863 shares in the last quarter. State of Wyoming boosted its position in Priority Technology by 4.5% during the third quarter. State of Wyoming now owns 47,259 shares of the company’s stock valued at $325,000 after purchasing an additional 2,051 shares during the last quarter. Rhumbline Advisers lifted its stake in Priority Technology by 10.2% in the 1st quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock worth $178,000 after purchasing an additional 2,425 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of 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 valued at $89,000 after purchasing an additional 2,648 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in shares of Priority Technology by 14.4% during the third 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. Institutional investors and hedge funds own 11.52% of the company’s stock.

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.