TD Securities Cuts Priority Technology (NASDAQ:PRTH) Price Target to $9.00

Priority Technology (NASDAQ:PRTH) had its price target decreased by TD Securities from $10.00 to $9.00 in a report released on Wednesday,Benzinga reports. TD Securities currently has a buy rating on the stock.

PRTH has been the topic of a number of other reports. TD Cowen decreased their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday. Zacks Research raised Priority Technology from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th. Wall Street Zen raised shares of Priority Technology from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Finally, Keefe, Bruyette & Woods lowered shares of Priority Technology from a “moderate buy” rating to a “hold” rating and cut their price objective for the company from $9.00 to $6.00 in a research report on Tuesday, November 11th. Three equities 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 company currently has a consensus rating of “Hold” and an average target price of $8.75.

Priority Technology Trading Down 0.8%

Priority Technology stock opened at $4.96 on Wednesday. The firm has a 50 day simple moving average of $5.63 and a 200 day simple moving average of $6.24. Priority Technology has a 1-year low of $4.44 and a 1-year high of $8.89. The firm has a market capitalization of $406.08 million, a price-to-earnings ratio of 7.19 and a beta of 1.39.

Priority Technology (NASDAQ:PRTH) last posted its 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). Priority Technology had a negative return on equity of 66.50% and a net margin of 5.84%.The company had revenue of $247.13 million for the quarter, compared to analysts’ expectations of $247.92 million. On average, equities research analysts forecast that Priority Technology will post -0.09 EPS for the current year.

Hedge Funds Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC bought a new position in Priority Technology in the 1st quarter worth about $2,292,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Priority Technology by 25.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company’s stock valued at $89,000 after acquiring an additional 2,648 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Priority Technology by 1,134.1% during the 1st quarter. NewEdge Advisors LLC now owns 15,759 shares of the company’s stock valued at $107,000 after acquiring an additional 14,482 shares during the last quarter. Strs Ohio purchased a new position in shares of Priority Technology during the first quarter worth about $46,000. Finally, Rhumbline Advisers grew its holdings in shares of Priority Technology by 10.2% during the first 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. 11.52% of the stock is currently 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.