Progyny (NASDAQ:PGNY) Sets New 52-Week Low on Analyst Downgrade

Progyny, Inc. (NASDAQ:PGNY) reached a new 52-week low 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 trading hands. The stock had previously closed at $13.98.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. reduced their price target on shares of Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. BTIG Research cut shares of Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. Canaccord Genuity Group lowered Progyny from a “buy” rating to a “hold” rating and dropped their price target for the stock from $37.00 to $24.00 in a research report on Wednesday, August 7th. Leerink Partnrs downgraded Progyny from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, Leerink Partners lowered their price objective on Progyny from $25.00 to $21.00 and set a “market perform” rating for the company in a research note on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $25.42.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Disciplined Growth Investors Inc. MN boosted its position in Progyny by 56.5% during the third quarter. Disciplined Growth Investors Inc. MN now owns 826,726 shares of the company’s stock valued at $13,856,000 after purchasing an additional 298,314 shares in the last quarter. Barclays PLC boosted its holdings in shares of Progyny by 530.4% in the 3rd quarter. Barclays PLC now owns 706,157 shares of the company’s stock valued at $11,835,000 after buying an additional 594,140 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Progyny in the 3rd quarter worth approximately $469,000. Wellington Management Group LLP lifted its position in Progyny by 4.0% during the third quarter. Wellington Management Group LLP now owns 430,300 shares of the company’s stock valued at $7,212,000 after acquiring an additional 16,638 shares during the last quarter. Finally, Wolverine Trading LLC lifted its position in Progyny by 131.5% during the third quarter. Wolverine Trading LLC now owns 19,677 shares of the company’s stock valued at $331,000 after acquiring an additional 11,177 shares during the last quarter. Hedge funds and other institutional investors own 94.93% of the company’s stock.

Progyny Stock Down 1.5 %

The company’s 50 day simple moving average is $17.30 and its two-hundred day simple moving average is $23.36. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 23.74, a P/E/G 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 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.26). The business had revenue of $286.63 million during the quarter, compared to analyst estimates of $296.85 million. Progyny had a return on equity of 11.36% and a net margin of 5.03%. Progyny’s revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.16 EPS. Analysts anticipate that Progyny, Inc. will post 0.64 EPS for the current year.

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.