Priority Technology (NASDAQ:PRTH) Downgraded to “Hold” Rating by 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 Saturday morning.

Other research analysts have also recently issued reports about the company. Alliance Global Partners restated a “buy” rating on shares of Priority Technology in a research note on Thursday, November 6th. Zacks Research downgraded shares of Priority Technology from a “hold” rating to a “strong sell” rating in a report on Tuesday, December 9th. Industrial Alliance Securities set a $11.00 target price on shares of Priority Technology in a research note on Thursday, November 6th. Keefe, Bruyette & Woods downgraded shares of Priority Technology from a “moderate buy” rating to a “hold” rating and reduced their price target for the company from $9.00 to $6.00 in a report on Tuesday, November 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.50.

Priority Technology Stock Down 2.4%

Shares of Priority Technology stock opened at $5.32 on Friday. The business has a 50 day moving average of $5.78 and a 200 day moving average of $6.92. The company has a market cap of $435.55 million, a PE ratio of 10.04 and a beta of 1.37. Priority Technology has a 52 week low of $4.44 and a 52 week high of $12.47.

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

Institutional Trading of Priority Technology

Several hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new position in shares of Priority Technology in the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets raised its position in Priority Technology by 57.3% during 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 period. Strs Ohio bought a new stake in shares of Priority Technology in the 1st quarter valued at approximately $46,000. Corebridge Financial Inc. boosted its holdings in shares of Priority Technology by 19.0% in the 1st 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 period. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Priority Technology during the 2nd quarter valued at approximately $82,000. 11.52% of the stock is currently owned by hedge funds and other institutional investors.

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.