Potomac Capital Management Inc. Buys New Position in Priority Technology Holdings, Inc. $PRTH

Potomac Capital Management Inc. bought a new stake in Priority Technology Holdings, Inc. (NASDAQ:PRTH) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 98,938 shares of the company’s stock, valued at approximately $539,000. Potomac Capital Management Inc. owned 0.12% of Priority Technology as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its position in Priority Technology by 57.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after acquiring an additional 1,863 shares during the period. Rhumbline Advisers lifted its position in Priority Technology by 10.2% during the 1st quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock worth $178,000 after acquiring an additional 2,425 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 worth $89,000 after acquiring an additional 2,648 shares during the period. Alliancebernstein L.P. lifted its position in Priority Technology by 14.4% during the 3rd quarter. Alliancebernstein L.P. now owns 25,460 shares of the company’s stock worth $175,000 after acquiring an additional 3,200 shares during the period. Finally, Quarry LP lifted its position in Priority Technology by 3.9% during the 3rd quarter. Quarry LP now owns 88,122 shares of the company’s stock worth $605,000 after acquiring an additional 3,303 shares during the period. 11.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on PRTH shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a research report on Friday, March 27th. Zacks Research raised Priority Technology from a “strong sell” rating to a “hold” rating in a research report on Monday, May 11th. TD Cowen decreased their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Wall Street Zen raised Priority Technology from a “hold” rating to a “buy” rating in a research report on Sunday, May 17th. Finally, TD Securities decreased their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Priority Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.75.

Priority Technology Trading Up 1.7%

Shares of PRTH stock opened at $6.06 on Wednesday. The company has a market cap of $499.10 million, a price-to-earnings ratio of 8.54 and a beta of 1.55. The stock has a 50 day simple moving average of $5.48 and a 200-day simple moving average of $5.52. Priority Technology Holdings, Inc. has a 12-month low of $4.44 and a 12-month high of $8.89.

Priority Technology (NASDAQ:PRTH) last issued its earnings results on Monday, May 11th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.06. The business had revenue of $249.56 million during the quarter, compared to the consensus estimate of $242.87 million. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%. On average, equities analysts forecast that Priority Technology Holdings, Inc. 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.