Priority Technology (NASDAQ:PRTH) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Priority Technology (NASDAQ:PRTH) from a hold rating to a buy rating in a research note issued to investors on Sunday morning.

A number of other brokerages have also recently issued reports on PRTH. TD Cowen lowered their target price on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. TD Securities reduced 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, March 11th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research report on Friday, March 27th. Finally, Zacks Research upgraded shares of Priority Technology from a “strong sell” rating to a “hold” rating in a research report on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.75.

Priority Technology Price Performance

Shares of PRTH stock opened at $5.85 on Friday. The company’s fifty day simple moving average is $5.17 and its two-hundred day simple moving average is $5.52. Priority Technology has a 1 year low of $4.44 and a 1 year high of $8.89. The stock has a market capitalization of $481.81 million, a price-to-earnings ratio of 8.24 and a beta of 1.49.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in Priority Technology in the second quarter worth $29,000. BNP Paribas Financial Markets grew its position in Priority Technology by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after acquiring an additional 1,863 shares in the last quarter. Strs Ohio purchased a new position in Priority Technology in the first quarter worth $46,000. Aaron Wealth Advisors LLC purchased a new position in Priority Technology in the first quarter worth $50,000. Finally, Invesco Ltd. purchased a new position in Priority Technology in the fourth quarter worth $58,000. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

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.