Priority Technology (NASDAQ:PRTH) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Priority Technology (NASDAQ:PRTH) from a hold rating to a buy rating in a research report report published on Saturday.

PRTH has been the topic of a number of other reports. Weiss Ratings restated a “hold (c)” rating on shares of Priority Technology in a research note on Monday, December 15th. Keefe, Bruyette & Woods cut shares of Priority Technology from a “moderate buy” rating to a “hold” rating and decreased their price objective for the stock from $9.00 to $6.00 in a research report on Tuesday, November 11th. Zacks Research downgraded shares of Priority Technology from a “hold” rating to a “strong sell” rating in a research note on Tuesday, December 9th. Alliance Global Partners reissued a “buy” rating on shares of Priority Technology in a research note on Thursday, November 6th. Finally, Industrial Alliance Securities set a $11.00 price objective on shares of Priority Technology in a research report on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Priority Technology currently has a consensus rating of “Moderate Buy” and an average price target of $8.50.

Priority Technology Price Performance

Shares of NASDAQ:PRTH opened at $5.61 on Friday. The firm has a fifty day moving average price of $6.12 and a two-hundred day moving average price of $7.11. The company has a market cap of $459.29 million, a price-to-earnings ratio of 10.58 and a beta of 1.45. Priority Technology has a one year low of $4.44 and a one year high of $12.47.

Priority Technology (NASDAQ:PRTH) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). The firm had revenue of $241.44 million during the quarter, compared to the consensus estimate of $251.74 million. Priority Technology had a negative return on equity of 60.29% and a net margin of 5.78%. Equities research analysts expect that Priority Technology will post -0.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new stake in Priority Technology during the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets lifted its position in Priority Technology by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock valued at $35,000 after purchasing an additional 1,863 shares during the last quarter. AlphaQuest LLC bought a new stake in Priority Technology in the first quarter valued at approximately $37,000. Strs Ohio purchased a new stake in shares of Priority Technology during the first quarter valued at approximately $46,000. Finally, Corebridge Financial Inc. grew its holdings in shares of Priority Technology by 19.0% in the first quarter. Corebridge Financial Inc. now owns 10,876 shares of the company’s stock worth $74,000 after purchasing an additional 1,733 shares during the last quarter. Hedge funds and other institutional investors 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.