Progyny (NASDAQ:PGNY) Hits New 12-Month Low Following Analyst Downgrade

Progyny, Inc. (NASDAQ:PGNY) shares reached a new 52-week low on Friday after Barclays lowered their price target on the stock from $30.00 to $17.00. Barclays currently has an overweight rating on the stock. Progyny traded as low as $13.60 and last traded at $13.64, with a volume of 86001 shares traded. The stock had previously closed at $13.98.

A number of other equities analysts have also weighed in on the stock. Canaccord Genuity Group lowered shares of Progyny from a “buy” rating to a “hold” rating and lowered their price target for the stock from $37.00 to $24.00 in a research report on Wednesday, August 7th. Jefferies Financial Group reduced their target price on shares of Progyny from $31.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. BTIG Research downgraded shares of Progyny from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 7th. Leerink Partners reduced 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. Finally, Truist Financial reaffirmed a “hold” rating and set a $19.00 target price (down from $26.00) on shares of Progyny in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $25.42.

Institutional Investors Weigh In On Progyny

Hedge funds have recently modified their holdings of the company. Quarry LP boosted its stake in shares of Progyny by 1,900.0% during the 2nd quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after purchasing an additional 836 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Progyny in the second quarter worth approximately $44,000. Mendota Financial Group LLC acquired a new stake in shares of Progyny in the third quarter worth approximately $56,000. Meeder Asset Management Inc. acquired a new stake in shares of Progyny in the third quarter worth approximately $77,000. Finally, Cambridge Trust Co. acquired a new stake in shares of Progyny in the first quarter worth approximately $95,000. 94.93% of the stock is owned by institutional investors and hedge funds.

Progyny Price Performance

The company’s 50-day moving average is $17.30 and its 200-day moving average is $23.30. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 23.74, a PEG ratio of 1.31 and a beta of 1.44.

Progyny (NASDAQ:PGNY) last released 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). Progyny had a return on equity of 11.36% and a net margin of 5.03%. The company had revenue of $286.63 million during the quarter, compared to analyst estimates of $296.85 million. During the same period in the prior year, the business posted $0.16 earnings per share. Progyny’s revenue was up 2.0% on a year-over-year basis. Sell-side analysts anticipate that Progyny, Inc. will post 0.64 earnings per share for the current year.

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.