Priority Technology (NASDAQ:PRTH) Posts Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Priority Technology (NASDAQ:PRTH) posted its quarterly earnings results on Tuesday. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02), FiscalAI reports. The firm had revenue of $247.13 million during the quarter, compared to the consensus estimate of $247.92 million. Priority Technology had a net margin of 5.78% and a negative return on equity of 60.29%.

Priority Technology Stock Down 4.3%

Shares of PRTH stock opened at $5.38 on Tuesday. Priority Technology has a 12-month low of $4.44 and a 12-month high of $8.89. The firm has a fifty day moving average of $5.65 and a 200-day moving average of $6.30. The company has a market capitalization of $440.46 million, a price-to-earnings ratio of 10.15 and a beta of 1.39.

Hedge Funds Weigh In On Priority Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. bought a new position in Priority Technology during the 4th quarter worth about $58,000. Beartown Capital Management LLC bought a new position in shares of Priority Technology during the fourth quarter worth about $2,180,000. Boothbay Fund Management LLC grew its holdings in shares of Priority Technology by 86.3% during the fourth quarter. Boothbay Fund Management LLC now owns 297,144 shares of the company’s stock worth $1,619,000 after buying an additional 137,605 shares in the last quarter. FourWorld Capital Management LLC acquired a new stake in Priority Technology in the 4th quarter valued at approximately $2,007,000. Finally, Jain Global LLC acquired a new stake in Priority Technology in the 4th quarter valued at approximately $111,000. 11.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.