Priority Technology Holdings, Inc. (NASDAQ:PRTH) Sees Significant Growth in Short Interest

Priority Technology Holdings, Inc. (NASDAQ:PRTH) was the target of a significant increase in short interest in February. As of February 27th, there was short interest totaling 2,024,211 shares, an increase of 27.4% from the February 12th total of 1,589,215 shares. Currently, 7.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 236,271 shares, the days-to-cover ratio is currently 8.6 days. Based on an average daily trading volume, of 236,271 shares, the days-to-cover ratio is currently 8.6 days. Currently, 7.3% of the shares of the stock are sold short.

Hedge Funds Weigh In On Priority Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN lifted its stake in Priority Technology by 1,912.7% in the fourth quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock worth $3,876,000 after acquiring an additional 675,803 shares during the period. Norwood Investment Partners LP bought a new position in Priority Technology in the 4th quarter worth $3,433,000. Beartown Capital Management LLC bought a new position in Priority Technology in the 4th quarter worth $2,180,000. FourWorld Capital Management LLC purchased a new stake in shares of Priority Technology in the 4th quarter worth about $2,007,000. Finally, AQR Capital Management LLC bought a new stake in shares of Priority Technology during the 1st quarter valued at about $2,292,000. Institutional investors own 11.52% of the company’s stock.

Priority Technology Stock Down 0.8%

Shares of Priority Technology stock traded down $0.04 during trading on Friday, reaching $4.96. 517,370 shares of the stock were exchanged, compared to its average volume of 311,182. The firm has a market cap of $408.16 million, a price-to-earnings ratio of 4.82 and a beta of 1.39. Priority Technology has a 1 year low of $4.44 and a 1 year high of $8.89. The stock’s fifty day moving average is $5.63 and its 200 day moving average is $6.22.

Priority Technology (NASDAQ:PRTH) 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). The business had revenue of $247.13 million for the quarter, compared to analysts’ expectations of $247.92 million. Priority Technology had a net margin of 5.84% and a negative return on equity of 66.50%. Equities analysts forecast that Priority Technology will post -0.09 earnings per share for the current year.

Wall Street Analyst Weigh In

PRTH has been the topic of several research reports. TD Securities 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 research note on Wednesday. TD Cowen reduced their target price on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday. Zacks Research cut shares of Priority Technology from a “hold” rating to a “strong sell” rating in a research report on Wednesday. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a research note on Monday, December 29th. Finally, Wall Street Zen lowered shares of Priority Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Priority Technology has an average rating of “Hold” and a consensus target price of $8.75.

Priority Technology Company Profile

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.