Short Interest in Priority Technology Holdings, Inc. (NASDAQ:PRTH) Increases By 23.4%
by Teresa Graham · The Cerbat GemPriority Technology Holdings, Inc. (NASDAQ:PRTH – Get Free Report) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totaling 2,039,894 shares, a growth of 23.4% from the December 15th total of 1,653,549 shares. Based on an average daily volume of 367,297 shares, the days-to-cover ratio is presently 5.6 days. Currently, 7.4% of the shares of the company are short sold. Currently, 7.4% of the shares of the company are short sold. Based on an average daily volume of 367,297 shares, the days-to-cover ratio is presently 5.6 days.
Priority Technology Stock Down 0.2%
Shares of Priority Technology stock opened at $5.83 on Wednesday. The company has a market capitalization of $477.30 million, a price-to-earnings ratio of 11.00 and a beta of 1.37. The stock’s 50-day simple moving average is $5.62 and its 200-day simple moving average is $6.72. Priority Technology has a 52 week low of $4.44 and a 52 week high of $12.47.
Priority Technology (NASDAQ:PRTH – Get Free Report) last issued its 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 net margin of 5.78% and a negative return on equity of 60.29%. The business had revenue of $241.44 million for the quarter, compared to the consensus estimate of $251.74 million. On average, equities analysts expect that Priority Technology will post -0.09 earnings per share for the current year.
Hedge Funds Weigh In On Priority Technology
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC purchased a new position in Priority Technology during the first quarter valued at $2,292,000. Invenomic Capital Management LP purchased a new position in shares of Priority Technology during the third quarter valued at about $2,308,000. Knights of Columbus Asset Advisors LLC purchased a new position in shares of Priority Technology during the third quarter valued at about $1,840,000. Acadian Asset Management LLC increased its holdings in shares of Priority Technology by 66.2% in the second quarter. Acadian Asset Management LLC now owns 594,095 shares of the company’s stock worth $4,618,000 after purchasing an additional 236,622 shares during the last quarter. Finally, Sei Investments Co. purchased a new stake in shares of Priority Technology in the second quarter worth about $1,606,000. Institutional investors own 11.52% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently issued reports on PRTH shares. Keefe, Bruyette & Woods lowered shares of Priority Technology from a “moderate buy” rating to a “hold” rating and cut their target price for the company from $9.00 to $6.00 in a research report on Tuesday, November 11th. Alliance Global Partners reissued a “buy” rating on shares of Priority Technology in a research report on Thursday, November 6th. Zacks Research raised Priority Technology from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 7th. Industrial Alliance Securities set a $11.00 price target on Priority Technology in a report on Thursday, November 6th. Finally, Wall Street Zen cut Priority Technology from a “buy” rating to a “hold” rating in a research report on Saturday, January 3rd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $8.50.
Check Out Our Latest Analysis on PRTH
Priority Technology Company Profile
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.