Progyny (NASDAQ:PGNY) Trading Down 3% – Here’s Why

Progyny, Inc. (NASDAQ:PGNY)’s stock price fell 3% during trading on Thursday . The stock traded as low as $13.94 and last traded at $14.06. 88,378 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 1,397,694 shares. The stock had previously closed at $14.50.

Analyst Upgrades and Downgrades

PGNY has been the topic of several analyst reports. Leerink Partners reduced their price objective on Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a research note on Thursday, September 19th. Truist Financial reiterated 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, November 13th. Barclays cut their target price on shares of Progyny from $30.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, November 14th. Canaccord Genuity Group decreased their price target on shares of Progyny from $18.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $25.00 price objective on shares of Progyny in a research report on Tuesday, October 1st. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $25.00.

Progyny Stock Down 3.9 %

The company has a fifty day simple moving average of $15.44 and a two-hundred day simple moving average of $21.09. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 24.02, a price-to-earnings-growth ratio of 1.64 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 analysts’ expectations of $296.85 million. Progyny had a net margin of 5.03% and a return on equity of 11.36%. The firm’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.16 earnings per share. On average, research analysts predict that Progyny, Inc. will post 0.59 EPS for the current year.

Institutional Trading of Progyny

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PGNY. Quarry LP grew its holdings in Progyny by 1,900.0% in the second quarter. Quarry LP now owns 880 shares of the company’s stock valued at $25,000 after purchasing an additional 836 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Progyny in the 2nd quarter valued at $44,000. Mendota Financial Group LLC purchased a new stake in shares of Progyny during the 3rd quarter valued at $56,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Progyny during the 2nd quarter worth $97,000. Finally, nVerses Capital LLC boosted its holdings in Progyny by 925.0% in the second quarter. nVerses Capital LLC now owns 4,100 shares of the company’s stock valued at $117,000 after acquiring an additional 3,700 shares during the last quarter. Hedge funds and other institutional investors own 94.93% of the company’s stock.

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.