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

Shares of Progyny, Inc. (NASDAQ:PGNY) gapped up prior to trading 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 trading hands.

Analysts Set New Price Targets

PGNY has been the topic of several recent research reports. JMP Securities cut Progyny from an “outperform” rating to a “market perform” rating in a report on Thursday, September 19th. Truist Financial restated a “hold” rating and issued a $19.00 target price (down from $26.00) on shares of Progyny in a report on Wednesday, November 13th. Leerink Partners reduced their price target on Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a report on Thursday, September 19th. Jefferies Financial Group cut their price objective on shares of Progyny from $31.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $25.00 target price on shares of Progyny in a report on Tuesday, October 1st. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $25.00.

Progyny Stock Up 7.4 %

The firm has a market capitalization of $1.71 billion, a PE ratio of 34.72, a price-to-earnings-growth ratio of 1.64 and a beta of 1.31. The firm has a 50-day moving average price of $15.64 and a 200 day moving average price of $19.80.

Progyny (NASDAQ:PGNY) last announced its earnings results on Tuesday, November 12th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.26). The firm had revenue of $286.63 million for the quarter, compared to analysts’ expectations of $296.85 million. Progyny had a net margin of 5.03% and a return on equity of 11.36%. The business’s revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.16 earnings per share. Equities research analysts expect that Progyny, Inc. will post 0.59 earnings per share for the current year.

Insider Activity at Progyny

In related news, CEO Peter Anevski bought 209,500 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was 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 directly owns 441,463 shares of the company’s stock, valued at $6,392,384.24. This trade represents a 90.32 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman David J. Schlanger purchased 150,000 shares of Progyny stock in a transaction on 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 transaction, the chairman now directly owns 228,269 shares in the company, valued at $3,350,988.92. This represents a 191.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Progyny

Several institutional investors have recently modified their holdings of the company. Pacer Advisors Inc. raised its stake in Progyny by 12,579.4% in 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 in the last quarter. International Assets Investment Management LLC raised its position in shares of Progyny by 1,576.0% during the 3rd quarter. International Assets Investment Management LLC now owns 2,565,118 shares of the company’s stock worth $42,991,000 after acquiring an additional 2,412,068 shares in the last quarter. Invenomic Capital Management LP purchased a new stake in Progyny during the third quarter worth approximately $29,509,000. Farallon Capital Management LLC boosted its holdings in Progyny by 120.8% in the second quarter. Farallon Capital Management LLC now owns 1,308,500 shares of the company’s stock valued at $37,436,000 after purchasing an additional 715,900 shares in the last quarter. Finally, Barclays PLC increased its stake in Progyny by 530.4% in the third quarter. Barclays PLC now owns 706,157 shares of the company’s stock valued at $11,835,000 after purchasing an additional 594,140 shares during the last quarter. 94.93% of the stock is owned by hedge funds and other institutional investors.

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.