PAR Technology (NYSE:PAR) Trading Down 6.7% – Here’s What Happened

PAR Technology Corporation (NYSE:PAR) shares fell 6.7% during trading on Monday . The company traded as low as $17.34 and last traded at $17.93. 386,567 shares traded hands during trading, a decline of 72% from the average session volume of 1,373,919 shares. The stock had previously closed at $19.22.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PAR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PAR Technology in a research report on Monday, December 29th. Stephens cut their price target on PAR Technology from $60.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, February 27th. The Goldman Sachs Group reduced their price target on PAR Technology from $40.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Benchmark dropped their price objective on PAR Technology from $77.00 to $42.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Finally, Needham & Company LLC cut their target price on PAR Technology from $55.00 to $30.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.00.

PAR Technology Stock Down 1.1%

The company’s 50 day simple moving average is $26.99 and its 200-day simple moving average is $34.70. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.46 and a current ratio of 1.66. The firm has a market capitalization of $683.95 million, a PE ratio of -7.96 and a beta of 1.36.

PAR Technology (NYSE:PAR) last released its quarterly earnings results on Thursday, February 26th. The software maker reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.16. PAR Technology had a negative net margin of 18.54% and a negative return on equity of 2.32%. The firm had revenue of $120.10 million for the quarter, compared to analysts’ expectations of $116.39 million. The company’s revenue was up 14.4% on a year-over-year basis. On average, analysts forecast that PAR Technology Corporation will post -1.47 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Voss Capital, Lp acquired 182,862 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were bought at an average cost of $22.89 per share, for a total transaction of $4,185,711.18. Following the completion of the transaction, the insider owned 4,075,000 shares in the company, valued at approximately $93,276,750. This trade represents a 4.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Savneet Singh sold 57,605 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $17.49, for a total transaction of $1,007,511.45. Following the completion of the sale, the chief executive officer directly owned 252,537 shares in the company, valued at $4,416,872.13. This represents a 18.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have bought 722,237 shares of company stock valued at $21,772,998 and have sold 90,689 shares valued at $1,600,226. 3.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PAR Technology

A number of large investors have recently added to or reduced their stakes in PAR. Corient Private Wealth LLC lifted its stake in PAR Technology by 6.0% during the fourth quarter. Corient Private Wealth LLC now owns 45,262 shares of the software maker’s stock worth $1,642,000 after purchasing an additional 2,572 shares during the last quarter. MidFirst Bank purchased a new position in shares of PAR Technology during the 4th quarter valued at about $113,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of PAR Technology by 3.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,916,459 shares of the software maker’s stock valued at $214,650,000 after buying an additional 201,782 shares in the last quarter. Invesco Ltd. lifted its position in PAR Technology by 17.3% in the 4th quarter. Invesco Ltd. now owns 44,255 shares of the software maker’s stock worth $1,606,000 after buying an additional 6,519 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in PAR Technology in the fourth quarter worth approximately $235,000.

PAR Technology Company Profile

PAR Technology Corp is a provider of enterprise software and hardware solutions for the hospitality, foodservice and retail industries. The company’s platforms are designed to streamline front- and back-of-house operations, covering point-of-sale (POS) systems, kitchen display and dispatch, inventory and labor management, and reporting tools. PAR’s integrated approach enables operators of full-service restaurants, quick-service chains, bars, hotels, casinos and retail outlets to centralize data and automate workflows across multiple sites.

Key offerings include PAR Brink, a cloud-native POS application that supports touchscreen, mobile and tablet devices; PAR Cloud Services, which delivers software updates, reporting and analytics through a subscription model; and hardware solutions such as payment terminals, handheld devices and self-service kiosks.