PROG (NYSE:PRG) Shares Gap Up on Insider Buying Activity

PROG Holdings, Inc. (NYSE:PRG)’s share price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $28.48, but opened at $29.77. PROG shares last traded at $29.42, with a volume of 39,357 shares changing hands.

Specifically, Director Douglas C. Curling acquired 10,000 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were purchased at an average cost of $29.88 per share, with a total value of $298,800.00. Following the completion of the acquisition, the director now directly owns 45,913 shares of the company’s stock, valued at $1,371,880.44. This represents a 27.85 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PRG. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a research note on Friday, November 29th. Stephens reaffirmed an “overweight” rating and issued a $60.00 price target on shares of PROG in a report on Thursday, January 2nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, PROG currently has a consensus rating of “Buy” and a consensus target price of $53.83.

PROG Price Performance

The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. The stock’s 50-day moving average is $41.14 and its two-hundred day moving average is $44.69. The stock has a market cap of $1.21 billion, a PE ratio of 6.42 and a beta of 2.18.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. PROG had a net margin of 8.01% and a return on equity of 24.25%. The company had revenue of $623.30 million for the quarter, compared to analyst estimates of $612.67 million. During the same period in the prior year, the firm earned $0.72 earnings per share. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities analysts predict that PROG Holdings, Inc. will post 3.45 earnings per share for the current year.

Institutional Trading of PROG

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mackenzie Financial Corp grew its position in PROG by 170.3% during the 4th quarter. Mackenzie Financial Corp now owns 29,706 shares of the company’s stock worth $1,255,000 after purchasing an additional 18,715 shares during the last quarter. Castleark Management LLC purchased a new position in shares of PROG during the fourth quarter worth about $4,416,000. PharVision Advisers LLC acquired a new position in PROG in the 4th quarter valued at about $288,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in PROG by 17.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 123,881 shares of the company’s stock valued at $5,235,000 after acquiring an additional 18,760 shares during the last quarter. Finally, Voloridge Investment Management LLC raised its stake in PROG by 11.7% during the 4th quarter. Voloridge Investment Management LLC now owns 257,141 shares of the company’s stock valued at $10,867,000 after acquiring an additional 26,964 shares during the last quarter. Institutional investors and hedge funds own 97.92% of the company’s stock.

PROG Company Profile

PROG Holdings, Inc (NYSE:PRG) is a financial technology holding company based in Salt Lake City, Utah with three business segments: Progressive Leasing, which offers lease-to-own transactions primarily to credit-challenged consumers through e-commerce and point-of-sale retail partners, via online, mobile, and in-store solutions; Vive Financial, which provides consumers who may not qualify for traditional prime lending with a variety of second-look, revolving credit products through private label and branded credit cards; and Four Technologies, which provides consumers of all credit backgrounds Buy Now, Pay Later (BNPL) options through four interest-free installments via its platform, Four.