Priority Technology (NASDAQ:PRTH) Announces Earnings Results

Priority Technology (NASDAQ:PRTH) released its earnings results on Tuesday. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.02), FiscalAI reports. The company had revenue of $247.13 million during the quarter, compared to the consensus estimate of $247.92 million. Priority Technology had a net margin of 5.78% and a negative return on equity of 60.29%.

Priority Technology Stock Performance

PRTH stock opened at $5.38 on Tuesday. The company has a market capitalization of $440.46 million, a PE ratio of 10.15 and a beta of 1.39. Priority Technology has a 52 week low of $4.44 and a 52 week high of $8.89. The company’s 50-day simple moving average is $5.65 and its 200 day simple moving average is $6.30.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Keefe, Bruyette & Woods lowered Priority Technology from a “moderate buy” rating to a “hold” rating and decreased their price target for the company from $9.00 to $6.00 in a research note on Tuesday, November 11th. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research note on Monday, December 29th. Zacks Research raised shares of Priority Technology from a “strong sell” rating to a “hold” rating in a research note on Wednesday, January 7th. Finally, Wall Street Zen raised shares of Priority Technology from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Priority Technology has an average rating of “Hold” and a consensus target price of $8.50.

Institutional Investors Weigh In On Priority Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN grew its position in shares of Priority Technology by 1,912.7% in the 4th quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock valued at $3,876,000 after buying an additional 675,803 shares during the last quarter. Beartown Capital Management LLC bought a new position in shares of Priority Technology in the fourth quarter valued at $2,180,000. FourWorld Capital Management LLC bought a new position in shares of Priority Technology in the fourth quarter valued at approximately $2,007,000. AQR Capital Management LLC bought a new position in shares of Priority Technology during the first quarter valued at about $2,292,000. Finally, Atom Investors LP purchased a new stake in shares of Priority Technology during the fourth quarter valued at approximately $1,599,000. Institutional investors own 11.52% of the company’s stock.

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.