Priority Technology (NASDAQ:PRTH) Downgraded to “Neutral” Rating by Alliance Global Partners

Priority Technology (NASDAQ:PRTH) was downgraded by equities research analysts at Alliance Global Partners from a “buy” rating to a “neutral” rating in a report released on Thursday, Marketbeat.com reports. They currently have a $7.00 price target on the stock. Alliance Global Partners’ price objective suggests a potential upside of 29.49% from the stock’s current price.

A number of other brokerages have also recently weighed in on PRTH. Zacks Research cut Priority Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Wall Street Zen lowered shares of Priority Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $8.40.

Priority Technology Trading Down 18.8%

Shares of Priority Technology stock traded down $1.25 on Thursday, hitting $5.41. The stock had a trading volume of 1,252,569 shares, compared to its average volume of 340,410. Priority Technology has a 52-week low of $4.44 and a 52-week high of $8.59. The stock has a market cap of $445.21 million, a price-to-earnings ratio of 7.61 and a beta of 1.57. The company’s 50 day moving average price is $6.65 and its 200 day moving average price is $5.85.

Priority Technology (NASDAQ:PRTH) last announced its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $262.26 million during the quarter, compared to analysts’ expectations of $257.81 million. Priority Technology had a negative return on equity of 83.50% and a net margin of 5.85%. Analysts predict that Priority Technology will post 1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

Institutional investors have recently added to or reduced their stakes in the stock. FourWorld Capital Management LLC lifted its stake in shares of Priority Technology by 330.0% in the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock worth $7,476,000 after acquiring an additional 1,215,583 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Priority Technology during the fourth quarter worth about $584,000. Norwood Investment Partners LP acquired a new position in shares of Priority Technology during the fourth quarter worth about $3,433,000. Potomac Capital Management Inc. purchased a new position in Priority Technology during the fourth quarter worth about $539,000. Finally, Militia Capital Management LLC purchased a new position in Priority Technology during the first quarter worth about $99,000. Institutional investors and hedge funds own 11.52% of the company’s stock.

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.