Priority Technology Holdings, Inc. (NASDAQ:PRTH) Sees Significant Drop in Short Interest

Priority Technology Holdings, Inc. (NASDAQ:PRTH) was the target of a significant drop in short interest in February. As of February 13th, there was short interest totaling 1,589,215 shares, a drop of 17.0% from the January 29th total of 1,915,486 shares. Approximately 5.7% of the shares of the stock are short sold. Based on an average trading volume of 384,317 shares, the days-to-cover ratio is presently 4.1 days. Based on an average trading volume of 384,317 shares, the days-to-cover ratio is presently 4.1 days. Approximately 5.7% of the shares of the stock are short sold.

Institutional Investors Weigh In On Priority Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in Priority Technology in the 2nd quarter valued at about $29,000. BNP Paribas Financial Markets increased its holdings in shares of Priority Technology by 57.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,115 shares of the company’s stock worth $35,000 after buying an additional 1,863 shares during the last quarter. Strs Ohio purchased a new stake in shares of Priority Technology during the 1st quarter valued at approximately $46,000. Invesco Ltd. purchased a new stake in shares of Priority Technology during the 4th quarter valued at approximately $58,000. Finally, AXQ Capital LP acquired a new position in Priority Technology in the fourth quarter valued at approximately $80,000. 11.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on the company. Zacks Research upgraded Priority Technology from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods lowered shares of Priority Technology from a “moderate buy” rating to a “hold” rating and dropped their target price for the stock from $9.00 to $6.00 in a report on Tuesday, November 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research report on Monday, December 29th. iA Financial set a $11.00 price target on shares of Priority Technology in a research note on Thursday, November 6th. Finally, Wall Street Zen upgraded shares of Priority Technology from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $8.50.

Priority Technology Stock Up 1.2%

Shares of NASDAQ:PRTH opened at $5.73 on Thursday. Priority Technology has a 52-week low of $4.44 and a 52-week high of $9.32. The stock has a market cap of $469.12 million, a P/E ratio of 10.81 and a beta of 1.39. The business has a fifty day moving average of $5.65 and a two-hundred day moving average of $6.36.

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.