Progyny (NASDAQ:PGNY) Shares Gap Up – Here’s Why

Progyny, Inc. (NASDAQ:PGNY) shares gapped up before the market opened on Monday . The stock had previously closed at $18.76, but opened at $19.50. Progyny shares last traded at $19.83, with a volume of 338,111 shares changing hands.

Analyst Upgrades and Downgrades

PGNY has been the subject of a number of recent analyst reports. Truist Financial reaffirmed a “hold” rating and issued a $19.00 price objective (down from $26.00) on shares of Progyny in a research report on Wednesday, November 13th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $17.00 price objective (down previously from $22.00) on shares of Progyny in a research report on Monday, December 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $25.00 target price on shares of Progyny in a research note on Tuesday, October 1st. JMP Securities downgraded shares of Progyny from an “outperform” rating to a “market perform” rating in a report on Thursday, September 19th. Finally, Leerink Partners dropped their target price on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a research note on Thursday, September 19th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $25.00.

Progyny Stock Performance

The stock’s 50 day moving average is $15.75 and its 200 day moving average is $19.74. The company has a market capitalization of $1.71 billion, a PE ratio of 34.55, a PEG ratio of 1.64 and a beta of 1.31.

Progyny (NASDAQ:PGNY) last posted its earnings results on Tuesday, November 12th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.26). The company had revenue of $286.63 million for the quarter, compared to analysts’ expectations of $296.85 million. Progyny had a return on equity of 11.36% and a net margin of 5.03%. The company’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 EPS. On average, equities research analysts forecast that Progyny, Inc. will post 0.59 EPS for the current fiscal year.

Insider Buying and Selling at Progyny

In other news, Chairman David J. Schlanger acquired 150,000 shares of the business’s stock in a transaction dated Thursday, December 26th. The stock was bought at an average cost of $14.68 per share, for a total transaction of $2,202,000.00. Following the completion of the transaction, the chairman now owns 228,269 shares of the company’s stock, valued at $3,350,988.92. The trade was a 191.65 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Peter Anevski acquired 209,500 shares of Progyny stock in a transaction that occurred on Monday, December 23rd. The shares were purchased at an average cost of $14.48 per share, with a total value of $3,033,560.00. Following the purchase, the chief executive officer now owns 441,463 shares of the company’s stock, valued at $6,392,384.24. This represents a 90.32 % increase in their position. The disclosure for this purchase can be found here. Insiders own 12.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Leibman Financial Services Inc. grew its position in Progyny by 100.7% during the fourth quarter. Leibman Financial Services Inc. now owns 63,509 shares of the company’s stock worth $1,096,000 after buying an additional 31,872 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Progyny by 5.8% during the 4th quarter. Nordea Investment Management AB now owns 185,042 shares of the company’s stock valued at $3,175,000 after acquiring an additional 10,203 shares during the last quarter. Central Pacific Bank Trust Division boosted its position in shares of Progyny by 89.8% during the 4th quarter. Central Pacific Bank Trust Division now owns 13,250 shares of the company’s stock valued at $229,000 after acquiring an additional 6,270 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Progyny by 341.4% during the fourth quarter. GAMMA Investing LLC now owns 1,611 shares of the company’s stock worth $28,000 after purchasing an additional 1,246 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Progyny by 17.0% in the third quarter. Franklin Resources Inc. now owns 48,248 shares of the company’s stock worth $759,000 after purchasing an additional 7,003 shares during the last quarter. Institutional investors own 94.93% of the company’s stock.

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.