Progyny (NASDAQ:PGNY) Shares Gap Down After Earnings Miss

Progyny, Inc. (NASDAQ:PGNY) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $17.18, but opened at $14.90. Progyny shares last traded at $14.11, with a volume of 589,987 shares changing hands.

The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.26). Progyny had a return on equity of 11.97% and a net margin of 5.54%. The firm had revenue of $286.63 million for the quarter, compared to analysts’ expectations of $296.85 million. During the same quarter last year, the firm posted $0.16 earnings per share. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year.

Analyst Ratings Changes

A number of analysts recently weighed in on PGNY shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $25.00 target price on shares of Progyny in a report on Tuesday, October 1st. Canaccord Genuity Group lowered shares of Progyny from a “buy” rating to a “hold” rating and decreased their target price for the stock from $37.00 to $24.00 in a report on Wednesday, August 7th. Canaccord Genuity Group decreased their target price on shares of Progyny from $18.00 to $17.00 and set a “hold” rating on the stock in a report on Wednesday. JMP Securities lowered shares of Progyny from an “outperform” rating to a “market perform” rating in a report on Thursday, September 19th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $19.00 price objective (down previously from $26.00) on shares of Progyny in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $27.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PGNY. Pacer Advisors Inc. increased its stake in shares of Progyny by 12,579.4% in the 3rd quarter. Pacer Advisors Inc. now owns 2,492,642 shares of the company’s stock worth $41,777,000 after acquiring an additional 2,472,983 shares in the last quarter. International Assets Investment Management LLC increased its stake in Progyny by 1,576.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,565,118 shares of the company’s stock valued at $42,991,000 after purchasing an additional 2,412,068 shares in the last quarter. Farallon Capital Management LLC increased its stake in Progyny by 120.8% during the 2nd quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock valued at $37,436,000 after purchasing an additional 715,900 shares in the last quarter. Redmile Group LLC bought a new stake in Progyny during the 1st quarter valued at about $12,241,000. Finally, Dimensional Fund Advisors LP increased its stake in Progyny by 24.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,281,928 shares of the company’s stock valued at $36,676,000 after purchasing an additional 254,725 shares in the last quarter. 94.93% of the stock is currently owned by institutional investors.

Progyny Trading Down 18.6 %

The firm has a market capitalization of $1.26 billion, a P/E ratio of 22.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.44. The business’s 50 day simple moving average is $17.88 and its two-hundred day simple moving average is $23.62.

Progyny Company Profile

Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists.