Priority Technology (NASDAQ:PRTH) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen cut shares of Priority Technology (NASDAQ:PRTH) from a strong-buy rating to a buy rating in a report published on Saturday.

Several other equities research analysts have also commented on PRTH. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Wednesday, June 24th. Zacks Research lowered Priority Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.75.

Priority Technology Trading Down 1.7%

Shares of NASDAQ PRTH opened at $6.50 on Friday. Priority Technology has a 12 month low of $4.44 and a 12 month high of $8.59. The company has a 50 day simple moving average of $6.61 and a two-hundred day simple moving average of $5.83. The stock has a market cap of $535.34 million, a price-to-earnings ratio of 9.16 and a beta of 1.54.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings data on Monday, May 11th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $249.56 million for the quarter, compared to analyst estimates of $242.87 million. Analysts forecast that Priority Technology will post 1.24 EPS for the current year.

Hedge Funds Weigh In On Priority Technology

Several large investors have recently made changes to their positions in the company. AQR Capital Management LLC acquired a new stake in Priority Technology during the first quarter valued at $2,292,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Priority Technology by 25.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,030 shares of the company’s stock worth $89,000 after acquiring an additional 2,648 shares during the period. NewEdge Advisors LLC raised its position in shares of Priority Technology by 1,134.1% in the first quarter. NewEdge Advisors LLC now owns 15,759 shares of the company’s stock worth $107,000 after acquiring an additional 14,482 shares during the period. Strs Ohio purchased a new stake in shares of Priority Technology during the 1st quarter worth about $46,000. Finally, Rhumbline Advisers boosted its stake in shares of Priority Technology by 10.2% during the 1st quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock worth $178,000 after acquiring an additional 2,425 shares in the last quarter. 11.52% of the stock is currently owned by institutional investors and hedge funds.

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.