Progyny (NASDAQ:PGNY) Shares Up 4.4% – Here’s What Happened

Progyny, Inc. (NASDAQ:PGNY)’s stock price rose 4.4% during trading on Thursday . The stock traded as high as $14.65 and last traded at $14.51. Approximately 474,443 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 1,385,783 shares. The stock had previously closed at $13.90.

Analyst Upgrades and Downgrades

PGNY has been the topic of several research reports. Canaccord Genuity Group cut shares of Progyny from a “buy” rating to a “hold” rating and lowered their price objective for the company from $37.00 to $24.00 in a research report on Wednesday, August 7th. JMP Securities lowered shares of Progyny from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 19th. Canaccord Genuity Group dropped their price target on shares of Progyny from $18.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday. BTIG Research lowered shares of Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Finally, Jefferies Financial Group decreased their price target 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. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $25.42.

Progyny Price Performance

The company’s 50 day moving average price is $17.69 and its two-hundred day moving average price is $23.56. The stock has a market capitalization of $1.26 billion, a PE ratio of 23.97, a P/E/G ratio of 1.62 and a beta of 1.44.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.26). Progyny had a net margin of 5.03% and a return on equity of 10.87%. The business had revenue of $286.63 million during the quarter, compared to analyst estimates of $296.85 million. During the same quarter last year, the firm posted $0.16 EPS. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. Analysts forecast that Progyny, Inc. will post 0.64 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Quarry LP increased 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 buying an additional 836 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Progyny in the second quarter worth $44,000. Cambridge Trust Co. acquired a new position in Progyny in the first quarter worth $95,000. Natixis Investment Managers International acquired a new position in shares of Progyny during the first quarter valued at $117,000. Finally, Mendota Financial Group LLC acquired a new position in shares of Progyny during the third quarter valued at $56,000. 94.93% of the stock is owned by institutional investors and hedge funds.

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.