TimesSquare Capital Management LLC lowered its position in shares of Priority Technology Holdings, Inc. (NASDAQ:PRTH) by 8.9% in the first quarter, HoldingsChannel reports. The fund owned 1,995,810 shares of the company’s stock after selling 194,200 shares during the period. TimesSquare Capital Management LLC’s holdings in Priority Technology were worth $13,851,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Acadian Asset Management LLC acquired a new position in Priority Technology during the 1st quarter worth approximately $43,000. BlackRock Inc. boosted its holdings in shares of Priority Technology by 11.1% in the 1st quarter. BlackRock Inc. now owns 381,294 shares of the company’s stock valued at $2,647,000 after buying an additional 38,217 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Priority Technology in the 1st quarter valued at approximately $26,000. Dorsey Wright & Associates acquired a new stake in shares of Priority Technology in the 1st quarter valued at approximately $34,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Priority Technology by 213.0% in the 4th quarter. JPMorgan Chase & Co. now owns 19,244 shares of the company’s stock valued at $136,000 after buying an additional 13,095 shares during the last quarter. 6.81% of the stock is owned by hedge funds and other institutional investors.
PRTH opened at $7.49 on Friday. Priority Technology Holdings, Inc. has a 1-year low of $1.90 and a 1-year high of $9.50. The firm has a fifty day simple moving average of $7.06. The company has a market cap of $506.71 million, a PE ratio of 17.42 and a beta of 0.55.
In other news, Director Stephen W. Hipp acquired 45,455 shares of the stock in a transaction on Wednesday, May 19th. The shares were purchased at an average price of $6.60 per share, for a total transaction of $300,003.00. Following the transaction, the director now directly owns 48,386 shares of the company’s stock, valued at $319,347.60. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Sean Kiewiet sold 10,000 shares of the stock in a transaction on Monday, March 22nd. The stock was sold at an average price of $8.60, for a total value of $86,000.00. Following the transaction, the chief technology officer now owns 1,888,811 shares in the company, valued at approximately $16,243,774.60. The disclosure for this sale can be found here. Insiders have sold a total of 35,310 shares of company stock worth $266,628 in the last quarter. Company insiders own 85.40% of the company’s stock.
PRTH has been the subject of several recent analyst reports. Zacks Investment Research downgraded Priority Technology from a “hold” rating to a “sell” rating in a report on Wednesday. Alliance Global Partners increased their price objective on Priority Technology from $16.00 to $18.50 in a report on Tuesday, March 9th. Cowen began coverage on Priority Technology in a report on Monday, April 5th. They issued an “outperform” rating for the company. Finally, Roth Capital increased their price target on Priority Technology from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, March 16th.
Priority Technology Profile
Priority Technology Holdings, Inc provides merchant acquiring, integrated payment software, and commercial payment solutions in the United States. It operates through three segments: Consumer Payments, Commercial Payments, and Integrated Partners. The company offers MX product suite, including MX ISO/Agent and VIMAS reseller technology systems, and MX Merchant products, such as MX Insights, MX Storefront, MX Retail, MX Invoice, MX B2B, ACH.com, and others, which provide resellers and merchant clients a customizable set of business applications that enable business work functions and revenue performance management.
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