PROG (NYSE:PRG) Shares Gap Down – Should You Sell?

Shares of PROG Holdings, Inc. (NYSE:PRG) gapped down before the market opened on Wednesday . The stock had previously closed at $42.69, but opened at $37.58. PROG shares last traded at $36.23, with a volume of 153,668 shares.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRG shares. Raymond James upgraded PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price target for the company in a report on Thursday, October 24th. TD Cowen raised PROG to a “strong-buy” rating in a research note on Friday, November 29th. Finally, Stephens restated an “overweight” rating and set a $60.00 target price 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $53.83.

PROG Stock Performance

The stock has a fifty day moving average of $42.74 and a 200-day moving average of $45.08. The firm has a market capitalization of $1.37 billion, a P/E ratio of 9.10 and a beta of 2.18. The company has a quick ratio of 2.34, a current ratio of 4.97 and a debt-to-equity ratio of 0.94.

PROG (NYSE:PRG) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.03. PROG had a net margin of 6.55% and a return on equity of 24.56%. On average, research analysts anticipate that PROG Holdings, Inc. will post 3.36 EPS for the current year.

Institutional Investors Weigh In On PROG

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of PROG by 2.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,201 shares of the company’s stock valued at $980,000 after acquiring an additional 446 shares during the last quarter. LPL Financial LLC grew its stake in PROG by 2.4% in the fourth quarter. LPL Financial LLC now owns 19,719 shares of the company’s stock valued at $833,000 after purchasing an additional 458 shares in the last quarter. Comerica Bank increased its position in shares of PROG by 1.2% during the 4th quarter. Comerica Bank now owns 39,029 shares of the company’s stock worth $1,649,000 after purchasing an additional 473 shares during the last quarter. Whittier Trust Co. bought a new stake in shares of PROG during the 3rd quarter worth approximately $26,000. Finally, State of Wyoming boosted its holdings in shares of PROG by 10.9% in the 4th quarter. State of Wyoming now owns 5,694 shares of the company’s stock valued at $241,000 after buying an additional 560 shares during the last quarter. 97.92% of the stock is currently owned by institutional investors and hedge funds.

About PROG

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.