Priority Technology (NASDAQ:PRTH) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) saw unusually-high trading volume on Wednesday . Approximately 76,116 shares changed hands during mid-day trading, an increase of 19% from the previous session’s volume of 64,047 shares.The stock last traded at $9.57 and had previously closed at $10.02.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PRTH shares. Keefe, Bruyette & Woods lifted their price objective on shares of Priority Technology from $9.00 to $10.00 and gave the company a “market perform” rating in a research report on Friday, November 22nd. Lake Street Capital raised their target price on shares of Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 22nd. Finally, B. Riley boosted their price target on shares of Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday.

Priority Technology Trading Up 0.2 %

The stock has a market cap of $774.79 million, a P/E ratio of -23.86 and a beta of 1.01. The company has a 50-day moving average price of $6.75 and a two-hundred day moving average price of $5.60.

Insider Buying and Selling

In other Priority Technology news, CAO Rajiv Kumar sold 10,000 shares of Priority Technology stock in a transaction on Friday, September 13th. The stock was sold at an average price of $6.13, for a total transaction of $61,300.00. Following the completion of the sale, the chief accounting officer now directly owns 11,587 shares of the company’s stock, valued at $71,028.31. The trade was a 46.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sean Kiewiet sold 5,700 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $5.11, for a total value of $29,127.00. Following the transaction, the insider now directly owns 1,055,158 shares in the company, valued at $5,391,857.38. The trade was a 0.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 48,302 shares of company stock valued at $286,501. Company insiders own 76.30% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

Several hedge funds have recently modified their holdings of PRTH. State Board of Administration of Florida Retirement System purchased a new position in Priority Technology in the first quarter valued at about $91,000. Vanguard Group Inc. lifted its position in Priority Technology by 25.7% during the first quarter. Vanguard Group Inc. now owns 762,631 shares of the company’s stock valued at $2,494,000 after acquiring an additional 156,044 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Priority Technology during the 1st quarter worth $164,000. Virtu Financial LLC acquired a new position in Priority Technology during the 1st quarter valued at about $50,000. Finally, Williams & Novak LLC acquired a new position in Priority Technology during the 2nd quarter valued at about $77,000. Hedge funds and other institutional investors own 11.52% of the company’s stock.

About Priority Technology

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.