Priority Technology (NASDAQ:PRTH) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Priority Technology (NASDAQ:PRTH) from a buy rating to a hold rating in a report released on Sunday morning.

PRTH has been the subject of a number of other reports. Keefe, Bruyette & Woods decreased their price objective on Priority Technology from $7.50 to $6.50 and set a “market perform” rating for the company in a research note on Friday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research note on Wednesday, June 24th. Alliance Global Partners downgraded shares of Priority Technology from a “buy” rating to a “neutral” rating and set a $7.00 target price for the company. in a report on Thursday, August 6th. Finally, Zacks Research lowered shares of Priority Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $8.50.

Priority Technology Stock Down 0.4%

Shares of NASDAQ:PRTH opened at $5.21 on Friday. The company has a market capitalization of $429.51 million, a price-to-earnings ratio of 7.55 and a beta of 1.57. Priority Technology has a 52 week low of $4.44 and a 52 week high of $8.59. The firm has a 50 day moving average of $6.57 and a 200 day moving average of $5.83.

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 the consensus estimate of $0.26 by $0.03. Priority Technology had a negative return on equity of 104.91% and a net margin of 5.61%.The business had revenue of $262.26 million for the quarter, compared to analysts’ expectations of $257.81 million. On average, sell-side analysts expect that Priority Technology will post 1.23 EPS for the current year.

Institutional Investors Weigh In On Priority Technology

Several institutional investors and hedge funds have recently made changes to their positions in PRTH. BNP Paribas Financial Markets lifted its stake in Priority Technology by 57.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock valued at $35,000 after acquiring an additional 1,863 shares during the period. Rhumbline Advisers increased its stake in shares of Priority Technology by 10.2% in the first quarter. Rhumbline Advisers now owns 26,131 shares of the company’s stock worth $178,000 after acquiring an additional 2,425 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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. Alliancebernstein L.P. raised its holdings in shares of Priority Technology by 14.4% during the third quarter. Alliancebernstein L.P. now owns 25,460 shares of the company’s stock worth $175,000 after purchasing an additional 3,200 shares during the last quarter. Finally, Quarry LP raised its holdings in shares of Priority Technology by 3.9% during the third quarter. Quarry LP now owns 88,122 shares of the company’s stock worth $605,000 after purchasing an additional 3,303 shares during 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.