Priority Technology (NASDAQ:PRTH) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Priority Technology (NASDAQ:PRTH) from a hold rating to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research report on Friday, March 27th. TD Cowen decreased their price objective on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. TD Securities decreased their price objective on shares of Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Finally, Wall Street Zen upgraded shares of Priority Technology from a “hold” rating to a “buy” rating in a research report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Priority Technology has an average rating of “Moderate Buy” and an average target price of $8.75.

Priority Technology Stock Up 1.5%

Priority Technology stock opened at $6.14 on Wednesday. Priority Technology has a 52 week low of $4.44 and a 52 week high of $8.89. The firm’s 50-day simple moving average is $5.54 and its 200 day simple moving average is $5.54. The firm has a market capitalization of $505.69 million, a PE ratio of 8.65 and a beta of 1.55.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings data on Monday, May 11th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.22 by $0.06. Priority Technology had a net margin of 5.85% and a negative return on equity of 83.50%. The business had revenue of $249.56 million for the quarter, compared to analyst estimates of $242.87 million. On average, research analysts expect that Priority Technology will post 1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Priority Technology

Hedge funds have recently modified their holdings of the company. FourWorld Capital Management LLC lifted its holdings in shares of Priority Technology by 330.0% during 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. Steamboat Capital Partners LLC raised its holdings in Priority Technology by 13.5% in the fourth quarter. Steamboat Capital Partners LLC now owns 1,576,734 shares of the company’s stock valued at $8,593,000 after buying an additional 187,893 shares during the period. Vanguard Group Inc. raised its holdings in Priority Technology by 13.9% in the third quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock valued at $10,222,000 after buying an additional 181,795 shares during the period. Wells Fargo & Company MN raised its holdings 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 valued at $3,876,000 after buying an additional 675,803 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Priority Technology by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 660,518 shares of the company’s stock valued at $3,601,000 after buying an additional 53,317 shares during the period. 11.52% of the stock is owned by institutional investors and hedge funds.

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.