Priority Technology Holdings, Inc. (NASDAQ:PRTH) Sees Large Increase in Short Interest
Priority Technology Holdings, Inc. (NASDAQ:PRTH) experienced a significant increase in short interest during June, with a total of 157,000 shares being short sold. This represents a 27.2% increase from the previous month. The short-interest ratio is currently 2.9 days, based on the average daily trading volume of 54,300 shares.
Priority Technology Holdings, Inc. (NASDAQ:PRTH - Get Free Report) was the target of a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 157,000 shares, an increase of 27.2% from the June 15th total of 123,400 shares. Based on an average daily trading volume, of 54,300 shares, the short-interest ratio is currently 2.9 days. Approximately 1.0% of the company's shares are short sold.
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Insider Activity
In related news, insider Sean Kiewiet sold 21,100 shares of the firm's stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $3.48, for a total transaction of $73,428.00. Following the sale, the insider now owns 1,302,580 shares in the company, valued at $4,532,978.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director John Vito Priore sold 598,187 shares of the company's stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $3.56, for a total transaction of $2,129,545.72. Following the completion of the transaction, the director now owns 8,752,711 shares of the company's stock, valued at approximately $31,159,651.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Sean Kiewiet sold 21,100 shares of the firm's stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $3.48, for a total transaction of $73,428.00. Following the completion of the sale, the insider now directly owns 1,302,580 shares in the company, valued at $4,532,978.40. The disclosure for this sale can be found here. Insiders sold a total of 719,485 shares of company stock valued at $2,663,303 over the last 90 days. Insiders own 76.30% of the company's stock.
Hedge Funds Weigh In On Priority Technology
Several hedge funds and other institutional investors have recently modified their holdings of the company. Williams & Novak LLC purchased a new position in Priority Technology in the second quarter valued at approximately $77,000. Virtu Financial LLC acquired a new stake in shares of Priority Technology in the first quarter worth $50,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Priority Technology in the 1st quarter valued at $164,000. Vanguard Group Inc. lifted its holdings in shares of Priority Technology by 25.7% during the 1st quarter. Vanguard Group Inc. now owns 762,631 shares of the company's stock valued at $2,494,000 after acquiring an additional 156,044 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new stake in Priority Technology during the 1st quarter worth $91,000. 11.52% of the stock is owned by institutional investors and hedge funds.
Priority Technology Price Performance
NASDAQ:PRTH traded up $0.48 during trading hours on Monday, reaching $5.61. 65,872 shares of the company were exchanged, compared to its average volume of 42,453. The firm has a market cap of $449.19 million, a price-to-earnings ratio of -9.67 and a beta of 0.97. The stock has a 50 day simple moving average of $4.35 and a 200 day simple moving average of $3.68. Priority Technology has a 52-week low of $2.62 and a 52-week high of $5.63.
Priority Technology (NASDAQ:PRTH - Get Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.10) EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.02. Priority Technology had a negative return on equity of 3.11% and a net margin of 0.57%. The business had revenue of $205.72 million during the quarter, compared to the consensus estimate of $209.08 million. During the same period in the prior year, the firm posted ($0.15) EPS.
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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