Keefe, Bruyette & Woods Upgrades Priority Technology (NASDAQ:PRTH) to “Outperform”

Priority Technology (NASDAQ:PRTH) was upgraded by stock analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued on Thursday, Marketbeat Ratings reports. The brokerage currently has a $14.00 price target on the stock, up from their previous price target of $10.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 57.30% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Lake Street Capital upped their price target on shares of Priority Technology from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 22nd. B. Riley upped their target price on shares of Priority Technology from $13.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, November 25th.

Priority Technology Stock Performance

Shares of PRTH stock opened at $8.90 on Thursday. The stock has a 50 day moving average price of $9.66 and a 200 day moving average price of $7.08. The firm has a market capitalization of $687.06 million, a P/E ratio of -21.19 and a beta of 1.17. Priority Technology has a 52-week low of $2.82 and a 52-week high of $12.44.

Insider Activity at Priority Technology

In other Priority Technology news, insider Sean Kiewiet sold 170,596 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $10.60, for a total transaction of $1,808,317.60. Following the transaction, the insider now owns 711,853 shares of the company’s stock, valued at approximately $7,545,641.80. This trade represents a 19.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 231,215 shares of company stock worth $2,360,486 over the last three months. 76.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Priority Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Rebalance LLC purchased a new stake in Priority Technology during the third quarter worth $4,822,000. Jane Street Group LLC raised its position in shares of Priority Technology by 6.1% in the 3rd quarter. Jane Street Group LLC now owns 22,347 shares of the company’s stock worth $153,000 after acquiring an additional 1,293 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Priority Technology by 15.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 56,557 shares of the company’s stock worth $386,000 after acquiring an additional 7,719 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Priority Technology during the 2nd quarter worth $202,000. Finally, Geode Capital Management LLC boosted its position in Priority Technology by 5.8% during the third quarter. Geode Capital Management LLC now owns 396,335 shares of the company’s stock valued at $2,707,000 after purchasing an additional 21,598 shares in the last quarter. 11.52% of the stock is currently owned by institutional investors.

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.