Invenomic Capital Management LP Acquires New Stake in Progyny, Inc. (NASDAQ:PGNY)

Invenomic Capital Management LP purchased a new stake in shares of Progyny, Inc. (NASDAQ:PGNY) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,760,706 shares of the company’s stock, valued at approximately $29,509,000. Progyny comprises approximately 1.6% of Invenomic Capital Management LP’s holdings, making the stock its 14th biggest position. Invenomic Capital Management LP owned 2.07% of Progyny as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PGNY. Quarry LP grew its position in Progyny by 1,900.0% in the 2nd quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after purchasing an additional 836 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Progyny in the second quarter worth $44,000. Mendota Financial Group LLC purchased a new stake in Progyny during the third quarter valued at $56,000. Meeder Asset Management Inc. bought a new position in Progyny in the third quarter valued at about $77,000. Finally, 1620 Investment Advisors Inc. purchased a new position in Progyny in the second quarter worth about $97,000. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

Progyny Price Performance

Shares of PGNY opened at $15.59 on Tuesday. The company has a 50 day simple moving average of $15.82 and a two-hundred day simple moving average of $22.15. Progyny, Inc. has a 1 year low of $13.39 and a 1 year high of $42.08. The firm has a market cap of $1.33 billion, a P/E ratio of 26.88, a price-to-earnings-growth ratio of 1.80 and a beta of 1.35.

Progyny (NASDAQ:PGNY) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.26). The company had revenue of $286.63 million during the quarter, compared to analyst estimates of $296.85 million. Progyny had a net margin of 5.03% and a return on equity of 11.36%. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm earned $0.16 EPS. On average, sell-side analysts anticipate that Progyny, Inc. will post 0.58 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group lowered their price objective on shares of Progyny from $31.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. Leerink Partners dropped their price target on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a research note on Thursday, September 19th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $17.00 target price (down from $22.00) on shares of Progyny in a report on Monday. Truist Financial reissued a “hold” rating and set a $19.00 price target (down previously from $26.00) on shares of Progyny in a report on Wednesday, November 13th. Finally, Barclays lowered their price objective on Progyny from $30.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. Nine analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.00.

About Progyny

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.