Priority Technology’s (PRTH) “Hold” Rating Reiterated at Lake Street Capital

Priority Technology (NASDAQ:PRTH)‘s stock had its “hold” rating reaffirmed by Lake Street Capital in a note issued to investors on Monday, Benzinga reports. They presently have a $8.05 price target on the stock, down from their previous price target of $13.00. Lake Street Capital’s price objective suggests a potential upside of 3.67% from the company’s previous close.

A number of other equities analysts have also commented on PRTH. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a report on Wednesday, June 24th. Zacks Research lowered shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Keefe, Bruyette & Woods lowered their price target on Priority Technology from $7.50 to $6.50 and set a “market perform” rating on the stock in a research report on Friday, August 7th. Alliance Global Partners lowered shares of Priority Technology from a “buy” rating to a “neutral” rating and set a $7.00 target price on the stock. in a report on Thursday, August 6th. Finally, Wall Street Zen downgraded Priority Technology from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.42.

Priority Technology Price Performance

NASDAQ PRTH traded up $1.94 during trading on Monday, reaching $7.76. The company’s stock had a trading volume of 15,230,735 shares, compared to its average volume of 445,604. The firm has a fifty day moving average of $5.95 and a 200 day moving average of $5.82. Priority Technology has a one year low of $4.44 and a one year high of $7.91. The stock has a market capitalization of $640.15 million, a PE ratio of 11.25 and a beta of 1.55.

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

Institutional Investors Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently bought and sold shares of PRTH. Sequoia Financial Advisors LLC purchased a new stake in shares of Priority Technology during the second quarter worth about $67,000. Steamboat Capital Partners LLC raised its position in shares of Priority Technology by 4.6% during the second quarter. Steamboat Capital Partners LLC now owns 1,335,669 shares of the company’s stock valued at $8,909,000 after buying an additional 58,273 shares during the last quarter. Pale Fire Capital SE purchased a new position in shares of Priority Technology in the second quarter worth $167,000. One68 Global Capital LLC bought a new position in shares of Priority Technology during the second quarter worth $73,000. Finally, Bank of America Corp DE bought a new stake in Priority Technology in the 2nd quarter valued at $1,624,000. 11.52% of the stock is owned by institutional investors.

Key Headlines Impacting Priority Technology

Here are the key news stories impacting Priority Technology this week:

• Positive Sentiment: The all-cash transaction values Priority Technology at approximately $1.6 billion, with public shareholders set to receive $8.05 per share. The defined cash payout is driving buying interest and helped the stock trade near the proposed consideration. Priority Technology definitive agreement announcement
• Positive Sentiment: The transaction has board backing and is led by the company’s existing chairman and CEO, potentially reducing execution uncertainty while giving investors a clear exit value. Reuters report on Priority Technology go-private deal
• Neutral Sentiment: The deal remains subject to customary closing conditions and shareholder approval. Trading in PRTH was temporarily halted pending the announcement, and the stock’s near-term performance is likely to remain tied largely to the $8.05 offer price rather than operating results. Priority Technology take-private agreement terms
• Negative Sentiment: Ademi LLP and Johnson Fistel announced investigations into whether the offer fairly values Priority Technology and whether the board adequately protected shareholders. Their reviews could create delay, litigation risk, or pressure for a higher bid, although no wrongdoing has been established. Ademi investigation into Priority Technology buyout

About Priority Technology

Priority Technology Holdings, Inc (NASDAQ: PRTH) is a payments technology company that provides commerce and payment-processing solutions to businesses, financial institutions and software providers. Its platform supports card payments, electronic payments and other transaction types, helping clients accept, manage and reconcile payments across in-person, online and business-to-business channels.

The company offers merchant acquiring and payment enablement services, including point-of-sale and e-commerce payment acceptance, payment gateway capabilities, automated clearing house (ACH) transactions, electronic invoicing and accounts-payable solutions.