Progyny (NASDAQ:PGNY) Shares Down 4% - Here's Why

Progyny, Inc. (NASDAQ:PGNY - Get Free Report) dropped 4% during trading on Friday . The company traded as low as $22.23 and last traded at $22.08. Approximately 129,727 shares traded hands during trading, a decline of 92% from the average daily volume of 1,711,253 shares. The stock had previously closed at $23.01.

Wall Street Analysts Forecast Growth

PGNY has been the topic of a number of recent research reports. Truist Financial set a $27.00 price target on Progyny and gave the company a "hold" rating in a research report on Thursday. BTIG Research upgraded Progyny from a "neutral" rating to a "buy" rating and set a $28.00 price objective on the stock in a research note on Monday, March 31st. Leerink Partnrs upgraded Progyny from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 8th. Leerink Partners upgraded Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 price objective on the stock in a research note on Tuesday, July 8th. Finally, Canaccord Genuity Group decreased their price objective on Progyny from $23.00 to $21.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Progyny has an average rating of "Moderate Buy" and an average target price of $24.82.

Progyny Stock Performance

The firm has a market capitalization of $1.90 billion, a P/E ratio of 38.74, a price-to-earnings-growth ratio of 2.37 and a beta of 1.31. The business has a 50 day simple moving average of $21.79 and a two-hundred day simple moving average of $21.73.

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

Insider Activity

In other news, Director Cheryl Scott sold 2,675 shares of the company's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $22.07, for a total value of $59,037.25. Following the completion of the transaction, the director directly owned 14,112 shares in the company, valued at approximately $311,451.84. This represents a 15.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 9.40% of the company's stock.

Hedge Funds Weigh In On Progyny

Institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC grew its position in Progyny by 1,355.0% during the 4th quarter. Signaturefd LLC now owns 1,455 shares of the company's stock worth $25,000 after acquiring an additional 1,355 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in Progyny during the 1st quarter worth approximately $44,000. Militia Capital Partners LP grew its position in Progyny by 100.0% during the 1st quarter. Militia Capital Partners LP now owns 2,000 shares of the company's stock worth $45,000 after acquiring an additional 1,000 shares during the last quarter. Brooklyn Investment Group grew its position in Progyny by 5,216.4% during the 1st quarter. Brooklyn Investment Group now owns 3,243 shares of the company's stock worth $72,000 after acquiring an additional 3,182 shares during the last quarter. Finally, Natixis bought a new position in Progyny during the 4th quarter worth approximately $69,000. 94.93% of the stock is currently owned by institutional investors.

Progyny Company 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.

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