TD Cowen Upgrades Priority Technology (NASDAQ:PRTH) to Strong-Buy

TD Cowen upgraded shares of Priority Technology (NASDAQ:PRTH) to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

PRTH has been the subject of several other research reports. Lake Street Capital raised their price objective on Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 22nd. B. Riley lifted their price target on Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $12.00 price target (down previously from $14.00) on shares of Priority Technology in a report on Friday, March 7th.

Priority Technology Price Performance

Shares of NASDAQ PRTH opened at $8.03 on Tuesday. The stock has a market capitalization of $638.54 million, a price-to-earnings ratio of -19.12 and a beta of 0.99. The business has a 50-day moving average of $9.55 and a 200-day moving average of $8.43. Priority Technology has a fifty-two week low of $2.82 and a fifty-two week high of $12.47.

Insider Buying and Selling

In other news, insider Sean Kiewiet sold 170,596 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $10.60, for a total transaction of $1,808,317.60. Following the completion of the sale, the insider now owns 711,853 shares in the company, valued at $7,545,641.80. The trade was a 19.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John Vito Priore sold 1,242,856 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $7.44, for a total value of $9,246,848.64. Following the sale, the director now owns 4,071,574 shares of the company’s stock, valued at approximately $30,292,510.56. This represents a 23.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,293,027 shares of company stock worth $39,919,204. Company insiders own 76.30% of the company’s stock.

Institutional Investors Weigh In On Priority Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. National Bank of Canada FI acquired a new stake in shares of Priority Technology in the fourth quarter valued at approximately $56,000. Deutsche Bank AG acquired a new stake in shares of Priority Technology in the fourth quarter valued at approximately $60,000. Virtu Financial LLC acquired a new stake in shares of Priority Technology in the third quarter valued at approximately $91,000. SG Americas Securities LLC acquired a new stake in shares of Priority Technology in the fourth quarter valued at approximately $100,000. Finally, Wells Fargo & Company MN raised its position in shares of Priority Technology by 53.8% in the fourth quarter. Wells Fargo & Company MN now owns 8,593 shares of the company’s stock valued at $101,000 after buying an additional 3,006 shares in the last quarter. 11.52% of the stock is currently owned by institutional investors and hedge funds.

About Priority Technology

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.