Priority Technology (NASDAQ:PRTH) Sees Unusually-High Trading Volume – Here’s What Happened

Priority Technology Holdings, Inc. (NASDAQ:PRTH) shares saw strong trading volume on Wednesday. Approximately 1,628,380 shares were traded during trading, an increase of 192% from the previous session’s volume of 557,562 shares. The stock last traded at $7.7850 and had previously closed at $7.78.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PRTH shares. Wall Street Zen cut shares of Priority Technology from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Zacks Research lowered shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. B. Riley Financial cut Priority Technology from a “buy” rating to a “neutral” rating and set a $8.05 price target for the company. in a report on Friday, October 2nd. Lake Street Capital downgraded shares of Priority Technology from a “buy” rating to a “hold” rating and dropped their price objective for the company from $13.00 to $8.05 in a research note on Monday, September 21st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a report on Monday, September 21st. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.59.

Priority Technology Stock Performance

The firm has a market capitalization of $643.44 million, a P/E ratio of 11.31 and a beta of 1.58. The business has a fifty day moving average of $6.27 and a 200-day moving average of $6.07.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.03. The business 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%. On average, equities research analysts forecast that Priority Technology Holdings, Inc. will post 1.23 earnings per share for the current fiscal year.

Institutional Trading of Priority Technology

Several large investors have recently added to or reduced their stakes in PRTH. BlackRock Inc. acquired a new position in shares of Priority Technology during the second quarter worth $15,788,000. FourWorld Capital Management LLC grew its position in Priority Technology by 330.0% during the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock worth $7,476,000 after purchasing an additional 1,215,583 shares during the last quarter. Norwood Investment Partners LP acquired a new position in shares of Priority Technology in the 4th quarter valued at $3,433,000. Bank of America Corp DE purchased a new position in Priority Technology during the second quarter valued at approximately $1,624,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Priority Technology during the 4th quarter valued at approximately $584,000. 11.52% of the stock is owned by institutional investors.

About Priority Technology

Priority Technology Holdings, Inc is a payments technology company that provides payment processing and merchant services to businesses, financial institutions and software providers. Its platform supports card, digital and alternative payment acceptance, transaction processing, merchant onboarding, reporting and related payment operations.

The company serves small and midsize businesses, enterprise merchants and software platforms through integrated and embedded payment solutions. Its offerings are designed to help organizations incorporate payments into business-management software and workflows, while also providing tools such as billing, invoicing, data reporting, risk management and access to business financing solutions.

Priority Technology was founded in 2005 and is headquartered in Alpharetta, Georgia.