Progyny (NASDAQ:PGNY) Shares Gap Down Following Weak Earnings

Shares of Progyny, Inc. (NASDAQ:PGNY) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. 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.

The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.26). Progyny had a return on equity of 10.87% and a net margin of 5.03%. The business had revenue of $286.63 million for the quarter, compared to analysts’ expectations of $296.85 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Progyny’s revenue for the quarter was up 2.0% compared to the same quarter last year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Canaccord Genuity Group lowered Progyny from a “buy” rating to a “hold” rating and decreased their target price for the stock from $37.00 to $24.00 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their price objective on Progyny from $31.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Leerink Partnrs downgraded Progyny from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 7th. Leerink Partners cut their target price on Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a research note on Thursday, September 19th. Finally, Jefferies Financial Group dropped their price objective on Progyny from $31.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $26.50.

Institutional Investors Weigh In On Progyny

A number of hedge funds and other institutional investors have recently bought and sold shares of PGNY. RiverPark Advisors LLC boosted its position in shares of Progyny by 9.6% in the 2nd quarter. RiverPark Advisors LLC now owns 5,408 shares of the company’s stock worth $155,000 after purchasing an additional 474 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Progyny by 9.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 6,260 shares of the company’s stock worth $239,000 after buying an additional 543 shares during the last quarter. Arizona State Retirement System increased its position in Progyny by 2.6% during the second quarter. Arizona State Retirement System now owns 24,313 shares of the company’s stock worth $696,000 after buying an additional 609 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in Progyny by 1.1% during the second quarter. State of New Jersey Common Pension Fund D now owns 70,717 shares of the company’s stock worth $2,023,000 after buying an additional 787 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in shares of Progyny by 4.6% in the first quarter. ProShare Advisors LLC now owns 18,346 shares of the company’s stock valued at $700,000 after purchasing an additional 804 shares during the last quarter. 94.93% of the stock is owned by institutional investors and hedge funds.

Progyny Price Performance

The firm has a 50-day moving average price of $17.69 and a 200 day moving average price of $23.56. The company has a market cap of $1.25 billion, a price-to-earnings ratio of 23.97, a P/E/G ratio of 1.62 and a beta of 1.44.

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.