Wall Street Zen Upgrades Priority Technology (NASDAQ:PRTH) to Buy

Priority Technology (NASDAQ:PRTH) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

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

Priority Technology Price Performance

Shares of NASDAQ PRTH opened at $5.61 on Friday. The company has a market capitalization of $459.29 million, a price-to-earnings ratio of 10.58 and a beta of 1.45. The business has a 50-day moving average of $6.12 and a two-hundred day moving average of $7.13. Priority Technology has a 1 year low of $4.44 and a 1 year high of $12.47.

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

Institutional Investors Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC grew its stake in shares of Priority Technology by 825.3% during the 1st quarter. Acadian Asset Management LLC now owns 357,473 shares of the company’s stock worth $2,431,000 after purchasing an additional 318,839 shares during the period. Investors Asset Management of Georgia Inc. GA ADV boosted its holdings in Priority Technology by 44.6% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 136,960 shares of the company’s stock worth $1,066,000 after buying an additional 42,260 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Priority Technology by 40.3% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 184,952 shares of the company’s stock worth $1,439,000 after buying an additional 53,163 shares during the period. Steamboat Capital Partners LLC increased its holdings in Priority Technology by 200.6% in the first quarter. Steamboat Capital Partners LLC now owns 2,400,000 shares of the company’s stock valued at $16,356,000 after buying an additional 1,601,491 shares in the last quarter. Finally, State of Wyoming purchased a new position in Priority Technology in the first quarter valued at about $229,000. 11.52% of the stock is owned by hedge funds and other institutional investors.

About Priority Technology

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.