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ALPHARETTA, Ga. - Priority Technology Holdings, Inc. (NASDAQ: PRTH), a $622 million market cap fintech company that has delivered a remarkable 70% return over the past year, announced Monday that its Board of Directors has approved a new $40 million share repurchase program for the company's outstanding stock.
The payments and banking fintech company, which has grown revenues by 16% over the last twelve months and is currently trading below its InvestingPro Fair Value, said it may repurchase shares through various methods, including open market and privately negotiated transactions, in compliance with Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable regulations.
According to the announcement, management will determine the timing, manner, and amount of repurchases based on market conditions, stock price, business performance, and alternative investment opportunities. Analysts covering the stock see significant upside potential, with price targets ranging from $10 to $16 per share. Get the full analysis and 6 more key insights with InvestingPro.
"Our new share repurchase program reflects our confidence in Priority's robust business fundamentals and long-term growth potential," said Tom Priore, Priority's Chairman and Chief Executive Officer, in the press release statement.
Priority Technology Holdings provides payments and banking solutions that enable businesses to collect, store, lend and send funds through what it calls a unified commerce engine.
The company's stock trades on the NASDAQ under the ticker symbol PRTH.
In other recent news, Priority Technology Holdings Inc. reported its financial results for the first quarter of 2025, revealing a notable performance in earnings per share (EPS) but a slight shortfall in revenue against forecasts. The company's EPS reached $0.22, significantly surpassing the analyst forecast of $0.10. However, revenue came in at $224.6 million, which, although a 9% increase year-over-year, fell short of the expected $227.52 million. Despite the earnings beat, the revenue miss contributed to a negative market reaction. Priority Tech highlighted strong growth in its B2B and enterprise segments, with revenue increases of 12% and 22%, respectively. The company is focusing on high-margin segments and cloud infrastructure migration as part of its strategic initiatives. Additionally, Priority Tech has projected full-year 2025 revenue between $965 million and $1 billion, with adjusted EBITDA expected to range from $220 million to $230 million. The firm aims to capitalize on opportunities in the debt resolution market amid broader economic challenges.
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