Progyny (NASDAQ:PGNY) Shares Gap Down Following Weak Earnings

Progyny, Inc. (NASDAQ:PGNY)’s stock price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $17.18, but opened at $14.90. Progyny shares last traded at $14.11, with a volume of 589,987 shares traded.

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 10.87% and a net margin of 5.03%. The business 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 business earned $0.16 EPS. Progyny’s revenue for the quarter was up 2.0% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PGNY shares. Barclays dropped their target price on shares of Progyny from $30.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday. Bank of America decreased their target price on shares of Progyny from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Wednesday. Canaccord Genuity Group lowered shares of Progyny from a “buy” rating to a “hold” rating and lowered their target price for the company from $37.00 to $24.00 in a report on Wednesday, August 7th. Leerink Partnrs downgraded Progyny from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 price objective on shares of Progyny in a research note on Tuesday, October 1st. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Progyny presently has a consensus rating of “Hold” and a consensus target price of $25.42.

Institutional Trading of Progyny

Several institutional investors and hedge funds have recently modified their holdings of PGNY. Quarry LP increased its holdings in Progyny by 1,900.0% during the 2nd quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after purchasing an additional 836 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Progyny during the second quarter valued at $44,000. Mendota Financial Group LLC bought a new stake in shares of Progyny in the third quarter valued at about $56,000. Meeder Asset Management Inc. bought a new position in Progyny during the 3rd quarter worth about $77,000. Finally, Cambridge Trust Co. bought a new position in Progyny during the 1st quarter worth about $95,000. Institutional investors own 94.93% of the company’s stock.

Progyny Trading Up 0.6 %

The business’s 50-day simple moving average is $17.49 and its 200 day simple moving average is $23.49. The firm has a market cap of $1.26 billion, a PE ratio of 24.10, a P/E/G ratio of 1.62 and a beta of 1.44.

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.