Priority Technology (NASDAQ:PRTH) Reaches New 1-Year Low on Disappointing Earnings

Priority Technology Holdings, Inc. (NASDAQ:PRTH) reached a new 52-week low of $4.78 following disappointing earnings, reporting $0.28 EPS, missing estimates by $0.02. The stock closed at $4.85, down from $6.94. Analysts have mixed ratings, with one Strong Buy, five Buy, and two Hold ratings. The consensus price target is $12.50. Institutional investors hold 11.52% of shares, and the company has a market cap of $387.61 million. Priority Technology operates in payment technology across SMB, B2B, and Enterprise segments.

Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $4.78 and last traded at $4.85, with a volume of 1859638 shares traded. The stock had previously closed at $6.94.

The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.30 by ($0.02). Priority Technology had a negative return on equity of 47.35% and a net margin of 4.03%. Priority Technology has set its FY 2025 guidance at EPS.

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Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Priority Technology from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Zacks Research cut shares of Priority Technology from a "strong-buy" rating to a "hold" rating in a report on Friday, September 19th. Cowen restated a "buy" rating on shares of Priority Technology in a report on Friday, August 8th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Priority Technology in a research note on Wednesday, October 8th. Finally, Industrial Alliance Securities set a $11.00 price objective on shares of Priority Technology in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.50.

View Our Latest Research Report on PRTH

Institutional Investors Weigh In On Priority Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in Priority Technology in the 2nd quarter valued at $29,000. AlphaQuest LLC acquired a new stake in shares of Priority Technology during the 1st quarter worth about $37,000. Strs Ohio purchased a new stake in Priority Technology in the first quarter valued at approximately $46,000. CWM LLC boosted its position in shares of Priority Technology by 13,386.7% during the first quarter. CWM LLC now owns 8,092 shares of the company's stock worth $55,000 after buying an additional 8,032 shares during the period. Finally, US Bancorp DE acquired a new position in Priority Technology in the 1st quarter valued at about $58,000. Institutional investors and hedge funds own 11.52% of the company's stock.

Priority Technology Stock Performance

The company has a market capitalization of $387.61 million, a price-to-earnings ratio of 9.51 and a beta of 1.85. The firm has a 50-day simple moving average of $7.34 and a two-hundred day simple moving average of $7.54.

About Priority Technology

(Get Free Report)

Priority Technology Holdings, Inc operates as a payment technology company in the United States. The company operates through three segments: Small and Medium-Sized Businesses (SMB) Payments, Business-To-Business (B2B) Payments, and Enterprise Payments. It offers SMB payments processing solutions for B2C transactions through independent sales organizations, financial institutions, independent software vendors, and other referral partners through its MX product suite, which includes MX Connect and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B and ACH.com, and others, which provides flexible and customizable set of business applications that helps to manage critical business work functions and revenue performance to resellers and merchant clients using core payment processing.

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