Progyny (NASDAQ:PGNY) Sets New 1-Year Low Following Analyst Downgrade

Progyny, Inc. (NASDAQ:PGNY)’s stock price reached a new 52-week low during mid-day trading on Friday after Barclays lowered their price target on the stock from $30.00 to $17.00. Barclays currently has an overweight rating on the stock. Progyny traded as low as $13.60 and last traded at $13.64, with a volume of 86001 shares traded. The stock had previously closed at $13.98.

A number of other analysts also recently issued reports on PGNY. Canaccord Genuity Group downgraded Progyny from a “buy” rating to a “hold” rating and dropped their price target for the company from $37.00 to $24.00 in a research report on Wednesday, August 7th. Canaccord Genuity Group cut 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. Truist Financial restated a “hold” rating and set a $19.00 price objective (down previously from $26.00) on shares of Progyny in a research report on Wednesday. Bank of America cut their target price on shares of Progyny from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, BTIG Research downgraded Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Progyny currently has a consensus rating of “Hold” and an average target price of $25.42.

Hedge Funds Weigh In On Progyny

Institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP increased its holdings in shares of 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Progyny during the 2nd quarter valued at about $44,000. Cambridge Trust Co. bought a new stake in Progyny in the 1st quarter worth approximately $95,000. Natixis Investment Managers International bought a new stake in shares of Progyny in the first quarter worth $117,000. Finally, Mendota Financial Group LLC purchased a new stake in shares of Progyny during the 3rd quarter valued at about $56,000. Institutional investors own 94.93% of the company’s stock.

Progyny Trading Down 1.5 %

The company’s 50 day moving average price is $17.30 and its two-hundred day moving average price is $23.36. The stock has a market cap of $1.17 billion, a P/E ratio of 23.74, a PEG ratio of 1.31 and a beta of 1.44.

Progyny (NASDAQ:PGNY) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.26). Progyny had a return on equity of 11.36% and a net margin of 5.03%. The company had revenue of $286.63 million during the quarter, compared to analysts’ expectations of $296.85 million. During the same quarter in the previous year, the company earned $0.16 EPS. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Progyny, Inc. will post 0.64 earnings per share for the current year.

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.