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

Progyny, Inc. (NASDAQ:PGNY)’s share price hit a new 52-week low during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock 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 for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.19). The business had revenue of $304.09 million during the quarter, compared to the consensus estimate of $305.32 million. Progyny had a return on equity of 11.61% and a net margin of 5.53%. Progyny’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.15 earnings per share.

Wall Street Analyst Weigh In

PGNY has been the subject of several recent research reports. JMP Securities initiated coverage on Progyny in a report on Tuesday, July 16th. They set an “outperform” rating and a $36.00 price target for the company. Truist Financial lowered their price objective on Progyny from $37.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday. Canaccord Genuity Group restated a “hold” rating and issued a $24.00 price objective (down from $37.00) on shares of Progyny in a research report on Wednesday. Canaccord Genuity Group downgraded 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 research report on Wednesday. Finally, Barclays cut their target price on Progyny from $48.00 to $30.00 and set an “overweight” rating on the stock in a research note on Monday, May 13th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $36.10.

Insiders Place Their Bets

In other Progyny news, President Michael E. Sturmer sold 9,030 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total value of $270,900.00. Following the completion of the transaction, the president now owns 362,583 shares in the company, valued at $10,877,490. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Cheryl Scott sold 1,462 shares of Progyny stock in a transaction on Friday, June 28th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Michael E. Sturmer sold 9,030 shares of Progyny stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $30.00, for a total transaction of $270,900.00. Following the transaction, the president now owns 362,583 shares in the company, valued at approximately $10,877,490. The disclosure for this sale can be found here. Corporate insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Progyny

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust grew its position in shares of Progyny by 9.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 3,096 shares of the company’s stock valued at $115,000 after buying an additional 264 shares during the last quarter. Caprock Group LLC boosted its stake in Progyny by 5.3% during the 1st quarter. Caprock Group LLC now owns 6,288 shares of the company’s stock valued at $240,000 after purchasing an additional 319 shares during the period. M&G Investment Management Ltd. boosted its stake in Progyny by 1.2% during the 4th quarter. M&G Investment Management Ltd. now owns 32,980 shares of the company’s stock valued at $1,220,000 after purchasing an additional 387 shares during the period. FourThought Financial Partners LLC boosted its stake in Progyny by 1.3% during the 4th quarter. FourThought Financial Partners LLC now owns 32,683 shares of the company’s stock valued at $1,215,000 after purchasing an additional 423 shares during the period. Finally, RiverPark Advisors LLC boosted its stake in Progyny by 9.6% during the 2nd quarter. RiverPark Advisors LLC now owns 5,408 shares of the company’s stock valued at $155,000 after purchasing an additional 474 shares during the period. Institutional investors own 94.93% of the company’s stock.

Progyny Stock Performance

The business’s 50 day simple moving average is $27.64 and its 200-day simple moving average is $32.44. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of 32.67, a price-to-earnings-growth ratio of 1.76 and a beta of 1.46.

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.