Bryce Point Capital LLC Buys 20,255 Shares of Progyny, Inc. (NASDAQ:PGNY)

Key Points

• Bryce Point Capital LLC increased its ownership in Progyny, Inc. by 98.9% during the first quarter, holding a total of 40,745 shares valued at approximately $898,000.
• Several hedge funds also significantly raised their stakes in Progyny, with Barclays PLC boosting its holdings by 95.7% and owning about 1.38 million shares worth nearly $23.84 million.
• Wall Street analysts have shown positive sentiment towards Progyny, with BTIG Research and Leerink Partners upgrading their ratings to "buy" and setting a price target of $28.00 per share.

Bryce Point Capital LLC increased its stake in shares of Progyny, Inc. (NASDAQ:PGNY - Free Report) by 98.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 40,745 shares of the company's stock after buying an additional 20,255 shares during the period. Bryce Point Capital LLC's holdings in Progyny were worth $898,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Progyny during the 1st quarter worth about $354,000. Oppenheimer Asset Management Inc. boosted its holdings in Progyny by 18.7% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 34,675 shares of the company's stock valued at $775,000 after purchasing an additional 5,459 shares during the period. GAMMA Investing LLC boosted its holdings in Progyny by 233.9% in the 1st quarter. GAMMA Investing LLC now owns 5,379 shares of the company's stock valued at $120,000 after purchasing an additional 3,768 shares during the period. Cerity Partners LLC bought a new stake in Progyny in the 4th quarter valued at about $229,000. Finally, Voya Investment Management LLC boosted its holdings in Progyny by 1.4% in the 4th quarter. Voya Investment Management LLC now owns 51,792 shares of the company's stock valued at $893,000 after purchasing an additional 701 shares during the period. Institutional investors own 94.93% of the company's stock.

Insider Buying and Selling at Progyny

In other news, Director Cheryl Scott sold 2,675 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $22.07, for a total transaction of $59,037.25. Following the completion of the sale, the director directly owned 14,112 shares in the company, valued at $311,451.84. This represents a 15.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 9.40% of the stock is currently owned by company insiders.

Progyny Trading Up 0.2%

NASDAQ:PGNY traded up $0.04 on Thursday, hitting $23.54. The company had a trading volume of 487,858 shares, compared to its average volume of 1,431,563. Progyny, Inc. has a 52 week low of $13.39 and a 52 week high of $28.99. The firm has a 50 day moving average of $22.02 and a two-hundred day moving average of $22.06. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 41.31, a PEG ratio of 2.29 and a beta of 1.31.

Progyny (NASDAQ:PGNY - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.28). Progyny had a net margin of 4.33% and a return on equity of 10.90%. The business had revenue of $324.04 million during the quarter, compared to analyst estimates of $307.86 million. During the same quarter last year, the company posted $0.17 earnings per share. The company's revenue was up 16.5% compared to the same quarter last year. As a group, equities analysts forecast that Progyny, Inc. will post 0.6 EPS for the current year.

Analyst Ratings Changes

PGNY has been the subject of a number of recent research reports. Wall Street Zen raised shares of Progyny from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Leerink Partners raised shares of Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 price objective for the company in a report on Tuesday, July 8th. Leerink Partnrs raised shares of Progyny from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 8th. Truist Financial upped their price target on shares of Progyny from $24.00 to $27.00 and gave the stock a "hold" rating in a report on Thursday, July 17th. Finally, Canaccord Genuity Group cut their price target on shares of Progyny from $23.00 to $21.00 and set a "hold" rating for the company in a report on Monday, May 12th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.82.

Progyny 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.