Priority Technology Holdings, Inc. (NASDAQ:PRTH) Receives $8.75 Average PT from Brokerages

Shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $8.75.

PRTH has been the subject of several recent analyst reports. Zacks Research raised Priority Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, June 10th. Wall Street Zen raised shares of Priority Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 20th. TD Securities lowered their target price on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research note on Wednesday, June 24th. Finally, TD Cowen decreased their price target on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, March 11th.

Hedge Funds Weigh In On Priority Technology

Hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Priority Technology during the 2nd quarter worth about $29,000. BNP Paribas Financial Markets grew its stake in Priority Technology by 57.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock valued at $35,000 after purchasing an additional 1,863 shares during the last quarter. Strs Ohio acquired a new position in shares of Priority Technology in the first quarter valued at about $46,000. Aaron Wealth Advisors LLC acquired a new position in shares of Priority Technology in the first quarter valued at about $50,000. Finally, Invesco Ltd. purchased a new position in shares of Priority Technology in the fourth quarter worth about $58,000. 11.52% of the stock is owned by institutional investors and hedge funds.

Priority Technology Stock Performance

PRTH stock opened at $7.10 on Thursday. Priority Technology has a one year low of $4.44 and a one year high of $8.64. The firm has a market cap of $584.76 million, a price-to-earnings ratio of 10.00 and a beta of 1.54. The firm has a 50-day simple moving average of $6.16 and a two-hundred day simple moving average of $5.67.

Priority Technology (NASDAQ:PRTH) last posted its earnings results on Monday, May 11th. The company reported $0.28 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 company had revenue of $249.56 million during the quarter, compared to analysts’ expectations of $242.87 million. As a group, equities analysts predict that Priority Technology will post 1.24 earnings per share for the current fiscal year.

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.