Wall Street Zen Downgrades Priority Technology (NASDAQ:PRTH) to Hold

Priority Technology (NASDAQ:PRTH) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other research firms also recently weighed in on PRTH. Industrial Alliance Securities set a $11.00 target price on Priority Technology in a research report on Thursday, November 6th. Keefe, Bruyette & Woods downgraded shares of Priority Technology from a “moderate buy” rating to a “hold” rating and decreased their price target for the stock from $9.00 to $6.00 in a research note on Tuesday, November 11th. Zacks Research lowered shares of Priority Technology from a “hold” rating to a “strong sell” rating in a report on Tuesday, December 9th. Alliance Global Partners reaffirmed a “buy” rating on shares of Priority Technology in a report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

Priority Technology Stock Performance

Shares of NASDAQ:PRTH opened at $5.32 on Friday. The firm has a market capitalization of $435.55 million, a PE ratio of 10.04 and a beta of 1.37. Priority Technology has a 52-week low of $4.44 and a 52-week high of $12.47. The firm has a fifty day moving average of $5.78 and a 200 day moving average of $6.91.

Priority Technology (NASDAQ:PRTH) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.02). Priority Technology had a negative return on equity of 60.29% and a net margin of 5.78%.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 forecast that Priority Technology will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Priority Technology

Several institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new position in shares of Priority Technology in the second quarter valued at about $29,000. BNP Paribas Financial Markets grew its stake 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 worth $35,000 after purchasing an additional 1,863 shares during the last quarter. Strs Ohio bought a new stake in shares of Priority Technology in the first quarter worth about $46,000. Corebridge Financial Inc. increased its holdings in Priority Technology by 19.0% during the 1st quarter. Corebridge Financial Inc. now owns 10,876 shares of the company’s stock valued at $74,000 after purchasing an additional 1,733 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in Priority Technology during the 2nd quarter valued at approximately $82,000. Hedge funds and other institutional investors own 11.52% of the company’s stock.

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.