Progyny (NASDAQ:PGNY) Reaches New 12-Month Low After Earnings Miss

Progyny, Inc. (NASDAQ:PGNY)’s stock price reached a new 52-week low on Wednesday following a weaker than expected earnings announcement. The company traded as low as $19.73 and last traded at $19.93, with a volume of 827301 shares. The stock had previously closed at $25.74.

The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.19). Progyny had a return on equity of 11.61% and a net margin of 5.53%. The firm had revenue of $304.09 million during the quarter, compared to analysts’ expectations of $305.32 million. During the same period in the prior year, the business earned $0.15 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PGNY. Canaccord Genuity Group lowered Progyny from a “buy” rating to a “hold” rating and dropped their price objective for the company from $37.00 to $24.00 in a research note on Wednesday. JMP Securities assumed coverage on Progyny in a research note on Tuesday, July 16th. They set an “outperform” rating and a $36.00 price target for the company. Truist Financial dropped their price target on Progyny from $37.00 to $33.00 and set a “buy” rating for the company in a research note on Wednesday. KeyCorp lowered Progyny from an “overweight” rating to a “sector weight” rating in a research note on Friday, May 10th. Finally, SVB Leerink lowered Progyny from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $31.00 to $25.00 in a research note on Wednesday. Five analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Progyny has a consensus rating of “Moderate Buy” and an average target price of $36.10.

Insider Activity at Progyny

In related news, Director Cheryl Scott sold 1,462 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $28.39, for a total transaction of $41,506.18. Following the transaction, the director now owns 10,098 shares in the company, valued at approximately $286,682.22. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, President Michael E. Sturmer sold 9,030 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $30.00, for a total value of $270,900.00. Following the sale, the president now directly owns 362,583 shares of the company’s stock, valued at approximately $10,877,490. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Cheryl Scott sold 1,462 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $28.39, for a total value of $41,506.18. Following the completion of the sale, the director now directly owns 10,098 shares in the company, valued at $286,682.22. The disclosure for this sale can be found here. 12.30% of the stock is owned by company insiders.

Institutional Trading of Progyny

A number of hedge funds have recently made changes to their positions in the stock. Quest Partners LLC boosted its position in shares of Progyny by 2,689.1% in the 2nd quarter. Quest Partners LLC now owns 16,930 shares of the company’s stock worth $484,000 after purchasing an additional 16,323 shares in the last quarter. Arizona State Retirement System lifted its position in Progyny by 2.6% in the 2nd quarter. Arizona State Retirement System now owns 24,313 shares of the company’s stock valued at $696,000 after acquiring an additional 609 shares in the last quarter. Victory Capital Management Inc. lifted its position in Progyny by 11.4% in the 2nd quarter. Victory Capital Management Inc. now owns 72,301 shares of the company’s stock valued at $2,069,000 after acquiring an additional 7,375 shares in the last quarter. Kornitzer Capital Management Inc. KS lifted its position in Progyny by 8.2% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 843,829 shares of the company’s stock valued at $24,142,000 after acquiring an additional 63,795 shares in the last quarter. Finally, TD Asset Management Inc bought a new position in Progyny in the 2nd quarter valued at approximately $1,215,000. 94.93% of the stock is owned by institutional investors.

Progyny Stock Performance

The firm has a market capitalization of $1.88 billion, a P/E ratio of 32.67, a PEG ratio of 1.76 and a beta of 1.46. The firm has a 50-day moving average of $27.64 and a 200-day moving average of $32.44.

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.