Priority Technology (NASDAQ:PRTH) Cut to Hold at Wall Street Zen

by · The Markets Daily

Wall Street Zen lowered shares of Priority Technology (NASDAQ:PRTH – Free Report) from a buy rating to a hold rating in a report released on Saturday.

Several other analysts have also recently issued reports on the stock. TD Securities lowered their target price on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th. TD Cowen decreased their price target on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. Finally, Zacks Research downgraded Priority Technology from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 11th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $8.75.

View Our Latest Stock Analysis on PRTH

Priority Technology Stock Performance

Shares of PRTH opened at $5.07 on Friday. Priority Technology has a 52-week low of $4.44 and a 52-week high of $8.89. The stock’s 50-day simple moving average is $5.62 and its 200 day simple moving average is $6.18. The stock has a market capitalization of $417.21 million, a price-to-earnings ratio of 7.35 and a beta of 1.39.

Priority Technology (NASDAQ:PRTH – Get Free Report) last announced its quarterly earnings results on Tuesday, March 10th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). Priority Technology had a negative return on equity of 66.50% and a net margin of 5.84%.The firm had revenue of $247.13 million during the quarter, compared to analysts’ expectations of $247.92 million. On average, research analysts forecast that Priority Technology will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

Large investors have recently added to or reduced their stakes in the business. Knights of Columbus Asset Advisors LLC bought a new stake in Priority Technology in the third quarter worth $1,840,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Priority Technology by 40.3% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 184,952 shares of the company’s stock valued at $1,439,000 after buying an additional 53,163 shares during the last quarter. Sierra Summit Advisors LLC purchased a new position in shares of Priority Technology in the second quarter worth about $688,000. Boston Partners purchased a new position in shares of Priority Technology in the second quarter worth about $254,000. Finally, Savant Capital LLC bought a new stake in shares of Priority Technology in the 2nd quarter valued at about $101,000. Hedge funds and other institutional investors own 11.52% of the company’s stock.

Priority Technology Company Profile

(Get Free Report)

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.

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