Progyny (NASDAQ:PGNY) Trading Up 7.1% - Here's What Happened

Progyny, Inc. (NASDAQ:PGNY - Get Free Report) shares traded up 7.1% during trading on Tuesday . The company traded as high as $22.60 and last traded at $22.98. 245,123 shares were traded during mid-day trading, a decline of 86% from the average session volume of 1,699,695 shares. The stock had previously closed at $21.45.

Analyst Ratings Changes

PGNY has been the topic of a number of research reports. Canaccord Genuity Group dropped their price target on Progyny from $23.00 to $21.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Leerink Partners upgraded Progyny from a "market perform" rating to an "outperform" rating and set a $28.00 price target on the stock in a research note on Tuesday. Finally, BTIG Research upgraded Progyny from a "neutral" rating to a "buy" rating and set a $28.00 price target on the stock in a research note on Monday, March 31st. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $24.09.

Progyny Stock Up 13.1%

The business has a fifty day simple moving average of $21.75 and a 200 day simple moving average of $21.37. The company has a market cap of $2.08 billion, a price-to-earnings ratio of 42.58, a P/E/G ratio of 2.26 and a beta of 1.31.

Progyny (NASDAQ:PGNY - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.17 EPS for the quarter, missing analysts' consensus estimates 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 period last year, the business posted $0.17 EPS. Progyny's revenue was up 16.5% compared to the same quarter last year. Equities analysts anticipate that Progyny, Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling

In other Progyny news, Director Cheryl Scott sold 2,675 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $22.07, for a total value of $59,037.25. Following the transaction, the director directly owned 14,112 shares of the company's stock, valued at $311,451.84. This represents a 15.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 9.40% of the company's stock.

Institutional Investors Weigh In On Progyny

Several institutional investors and hedge funds have recently made changes to their positions in PGNY. River Road Asset Management LLC bought a new position in shares of Progyny in the fourth quarter worth $25,529,000. Barclays PLC lifted its holdings in shares of Progyny by 95.7% in the fourth quarter. Barclays PLC now owns 1,382,205 shares of the company's stock valued at $23,843,000 after buying an additional 676,048 shares during the period. D. E. Shaw & Co. Inc. acquired a new stake in shares of Progyny in the fourth quarter valued at $11,265,000. BNP Paribas Financial Markets acquired a new stake in shares of Progyny in the fourth quarter valued at $10,557,000. Finally, Nuveen LLC acquired a new stake in shares of Progyny in the first quarter valued at $13,645,000. 94.93% of the stock is owned by institutional investors and hedge funds.

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.