Priority Technology Holdings, Inc. (NASDAQ:PRTH) Short Interest Down 13.6% in March

Priority Technology Holdings, Inc. (NASDAQ:PRTH) was the recipient of a large drop in short interest during the month of March. As of March 13th, there was short interest totaling 1,748,485 shares, a drop of 13.6% from the February 26th total of 2,024,211 shares. Currently, 6.3% of the company’s stock are short sold. Based on an average daily trading volume, of 388,299 shares, the short-interest ratio is currently 4.5 days.

Hedge Funds Weigh In On Priority Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hsbc Holdings PLC acquired a new position in Priority Technology in the 4th quarter valued at about $584,000. Alpine Global Management LLC acquired a new stake in Priority Technology during the 4th quarter worth approximately $88,000. Invesco Ltd. purchased a new position in shares of Priority Technology in the 4th quarter valued at approximately $58,000. Beartown Capital Management LLC purchased a new position in shares of Priority Technology in the 4th quarter valued at approximately $2,180,000. Finally, Boothbay Fund Management LLC increased its holdings in shares of Priority Technology by 86.3% in the fourth quarter. Boothbay Fund Management LLC now owns 297,144 shares of the company’s stock valued at $1,619,000 after purchasing an additional 137,605 shares during the period. Hedge funds and other institutional investors own 11.52% of the company’s stock.

Priority Technology Price Performance

PRTH stock opened at $4.70 on Tuesday. The company has a fifty day moving average price of $5.44 and a 200 day moving average price of $5.97. Priority Technology has a 12 month low of $4.44 and a 12 month high of $8.89. The company has a market cap of $386.76 million, a price-to-earnings ratio of 6.81 and a beta of 1.39.

Priority Technology (NASDAQ:PRTH) last issued its quarterly earnings results on Tuesday, March 10th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). The business had revenue of $247.13 million for the quarter, compared to analyst estimates of $247.92 million. Priority Technology had a negative return on equity of 66.50% and a net margin of 5.84%. As a group, analysts anticipate that Priority Technology will post -0.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

PRTH has been the topic of several research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research note on Friday. TD Securities dropped their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. TD Cowen cut their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Wall Street Zen downgraded Priority Technology from a “buy” rating to a “hold” rating in a report on Saturday, March 14th. Finally, Zacks Research cut Priority Technology from a “hold” rating to a “strong sell” rating in a research report on Wednesday, March 11th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $8.75.

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.