Progyny (NASDAQ:PGNY) Shares Gap Down After Earnings Miss

Progyny, Inc. (NASDAQ:PGNY)’s stock price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. 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 changing hands.

The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.26). The firm had revenue of $286.63 million for the quarter, compared to analyst estimates of $296.85 million. Progyny had a return on equity of 11.97% and a net margin of 5.54%. The business’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.16 EPS.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Leerink Partnrs lowered shares of Progyny from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Canaccord Genuity Group lowered shares of Progyny from a “buy” rating to a “hold” rating and cut their target price for the company from $37.00 to $24.00 in a research report on Wednesday, August 7th. Truist Financial reaffirmed a “hold” rating and set a $19.00 price target (down previously from $26.00) on shares of Progyny in a research note on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $25.00 price target on shares of Progyny in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Progyny from $31.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $27.00.

Institutional Investors Weigh In On Progyny

Several hedge funds and other institutional investors have recently bought and sold shares of PGNY. Dynamic Technology Lab Private Ltd acquired a new position in shares of Progyny during the third quarter valued at about $1,613,000. Algert Global LLC grew its holdings in shares of Progyny by 138.7% during the third quarter. Algert Global LLC now owns 184,885 shares of the company’s stock valued at $3,099,000 after buying an additional 107,432 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Progyny by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 673,446 shares of the company’s stock valued at $11,287,000 after buying an additional 4,007 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Progyny by 12,579.4% during the third quarter. Pacer Advisors Inc. now owns 2,492,642 shares of the company’s stock valued at $41,777,000 after buying an additional 2,472,983 shares during the last quarter. Finally, Landscape Capital Management L.L.C. grew its holdings in shares of Progyny by 126.6% during the third quarter. Landscape Capital Management L.L.C. now owns 167,157 shares of the company’s stock valued at $2,802,000 after buying an additional 93,374 shares during the last quarter. 94.93% of the stock is owned by institutional investors.

Progyny Price Performance

The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 1.61 and a beta of 1.44. The business’s fifty day moving average price is $17.88 and its 200-day moving average price is $23.62.

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.