Hsbc Holdings PLC Buys New Stake in Priority Technology Holdings, Inc. $PRTH

Hsbc Holdings PLC purchased a new stake in Priority Technology Holdings, Inc. (NASDAQ:PRTH) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 107,243 shares of the company’s stock, valued at approximately $584,000.

Several other hedge funds have also bought and sold shares of PRTH. Steamboat Capital Partners LLC boosted its holdings in shares of Priority Technology by 13.5% during the 4th quarter. Steamboat Capital Partners LLC now owns 1,576,734 shares of the company’s stock valued at $8,593,000 after purchasing an additional 187,893 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Priority Technology by 13.9% in the third quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after purchasing an additional 181,795 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Priority Technology by 1,912.7% in the fourth quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock worth $3,876,000 after buying an additional 675,803 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Priority Technology by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 660,518 shares of the company’s stock worth $3,601,000 after buying an additional 53,317 shares in the last quarter. Finally, Norwood Investment Partners LP bought a new position in Priority Technology during the fourth quarter valued at approximately $3,433,000. Hedge funds and other institutional investors own 11.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PRTH. Wall Street Zen upgraded Priority Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Priority Technology in a report on Wednesday, June 24th. Finally, Zacks Research downgraded Priority Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $8.75.

Priority Technology Stock Down 6.2%

Priority Technology stock opened at $6.70 on Thursday. The company’s 50-day moving average price is $6.44 and its 200-day moving average price is $5.75. The company has a market cap of $551.78 million, a PE ratio of 9.44 and a beta of 1.54. Priority Technology Holdings, Inc. has a twelve month low of $4.44 and a twelve month high of $8.59.

Priority Technology (NASDAQ:PRTH) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.06. Priority Technology had a net margin of 5.85% and a negative return on equity of 83.50%. The firm had revenue of $249.56 million during the quarter, compared to the consensus estimate of $242.87 million. As a group, sell-side analysts expect that Priority Technology Holdings, Inc. will post 1.24 earnings per share for the current fiscal year.

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.