Priority Technology Holdings, Inc.'s (NASDAQ:PRTH) Chief Financial Officer, Tim O'Leary, has made a significant investment in the company's stock, according to a recent filing with the Securities and Exchange Commission. O'Leary purchased 10,000 shares of common stock at an average price of $4.10 per share, amounting to a total investment of $41,000.
The transaction took place on June 4th, and the price per share reflects a weighted average, with individual purchases made at prices ranging from $4.08 to $4.16. This acquisition increases O'Leary's direct ownership in the company to 59,752 shares.
Investors often view stock purchases by company executives as a sign of confidence in the firm's future prospects. O'Leary's role as CFO places him in a position with substantial knowledge of Priority Technology Holdings' financial health and operational strategies, making his investment particularly noteworthy.
The company, based in Alpharetta, Georgia, operates within the business services sector and has been known by its current name since a name change from M I Acquisitions, Inc. in September 2015. It provides a range of services and has established itself as a significant player in its industry.
For more detailed information about the transactions, including the exact number of shares acquired at each price point within the reported range, the reporting person has agreed to provide full details to Priority Technology Holdings, Inc., any security holder, or the SEC staff upon request.
The SEC filing was signed on behalf of Tim O'Leary by Bradley J. Miller, Attorney-in-Fact, on June 5th. As of now, no further transactions have been reported.
In other recent news, Priority Technology Holdings, Inc. reported a strong start to 2024 with record first quarter results. The firm's revenue climbed to $205.7 million, marking an 11% year-over-year increase, and the annual transaction volume exceeded $120 billion. Adjusted EBITDA touched a new high of $46.3 million, underpinned by significant growth in its enterprise payments and B2B payables.
The company has also projected a robust full-year revenue forecast between $875 million and $890 million with adjusted EBITDA projections of $193 million to $198 million. Despite overall growth, it's worth noting that the SMB segment experienced a revenue decline.
Recent developments also include Priority Technology's plan to recapitalize its balance sheet, expecting to save over $5.5 million annually in free cash flow. The B2B revenue rose to $21.1 million, partly due to the successful acquisition of Plastiq. Furthermore, the company has expressed interest in acquiring more B2B businesses, underlining its continued growth trajectory, particularly in the enterprise and B2B segments.
InvestingPro Insights
Following the recent insider stock purchase by Priority Technology Holdings, Inc.'s (NASDAQ:PRTH) CFO Tim O'Leary, investors may be interested in the company's financial health and stock performance metrics. According to InvestingPro data, the company's market capitalization stands at 304.25 million USD, reflecting its size and market value. Despite challenges in profitability, with analysts not anticipating the company to be profitable this year and a negative P/E ratio of -6.56, the company has shown strong performance in the stock market with a robust one-month price total return of 29.54% and a three-month price total return of 31.56%.
The company's revenue growth also appears positive, with an 11.63% increase over the last twelve months as of Q1 2024. This could signal underlying business strength, which may be a factor in the CFO's decision to increase his stake in the company. Additionally, Priority Technology Holdings has achieved a perfect Piotroski Score of 9, suggesting a healthy financial state according to the score's accounting-based criteria.
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