Priority Technology (NASDAQ:PRTH) Rating Increased to Strong-Buy at Wall Street Zen

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

PRTH has been the topic of a number of other research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Priority Technology in a report on Friday, March 27th. Zacks Research raised Priority Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, June 10th. TD Cowen lowered their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, March 11th. Finally, TD Securities dropped their target price on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Priority Technology presently has an average rating of “Moderate Buy” and a consensus price target of $8.75.

Priority Technology Price Performance

Shares of NASDAQ:PRTH opened at $7.17 on Friday. Priority Technology has a 1-year low of $4.44 and a 1-year high of $8.89. The stock has a market cap of $590.52 million, a P/E ratio of 10.10 and a beta of 1.55. The firm has a fifty day moving average price of $5.75 and a 200 day moving average price of $5.57.

Priority Technology (NASDAQ:PRTH) last posted its quarterly earnings data 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 company had revenue of $249.56 million for the quarter, compared to analyst estimates of $242.87 million. Sell-side analysts expect that Priority Technology will post 1.24 EPS for the current fiscal year.

Hedge Funds Weigh In On Priority Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. FourWorld Capital Management LLC raised its stake in shares of Priority Technology by 330.0% during the 1st quarter. FourWorld Capital Management LLC now owns 1,583,904 shares of the company’s stock worth $7,476,000 after buying an additional 1,215,583 shares in the last quarter. Wells Fargo & Company MN boosted its stake 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 valued at $3,876,000 after buying an additional 675,803 shares in the last quarter. Norwood Investment Partners LP purchased a new stake in shares of Priority Technology in the fourth quarter valued at approximately $3,433,000. Beartown Capital Management LLC acquired a new position in Priority Technology during the fourth quarter worth $2,180,000. Finally, AQR Capital Management LLC acquired a new position in Priority Technology during the first quarter worth $2,292,000. Institutional investors and hedge funds own 11.52% of the company’s stock.

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.