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.

Analyst Upgrades and Downgrades

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

Progyny Stock Up 7.4 %

The stock has a market cap of $1.71 billion, a PE ratio of 34.72, a P/E/G ratio of 1.64 and a beta of 1.31. The business’s fifty day moving average is $15.64 and its 200 day moving average is $19.80.

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

Insider Activity

In other Progyny news, Chairman David J. Schlanger purchased 150,000 shares of the stock in a transaction dated Thursday, December 26th. The shares were acquired 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 directly owns 228,269 shares of the company’s stock, valued at $3,350,988.92. This trade represents a 191.65 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Peter Anevski purchased 209,500 shares of the company’s stock in a transaction on Monday, December 23rd. The shares were bought at an average cost of $14.48 per share, with a total value of $3,033,560.00. Following the transaction, the chief executive officer now directly 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. Company insiders own 12.30% of the company’s stock.

Institutional Investors Weigh In On Progyny

Several hedge funds have recently modified their holdings of PGNY. Quarry LP lifted its stake in shares of Progyny by 1,900.0% during the second quarter. Quarry LP now owns 880 shares of the company’s stock valued at $25,000 after buying an additional 836 shares during the period. GAMMA Investing LLC raised its holdings in Progyny by 341.4% in the 4th quarter. GAMMA Investing LLC now owns 1,611 shares of the company’s stock valued at $28,000 after acquiring an additional 1,246 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Progyny in the 2nd quarter valued at $44,000. Mendota Financial Group LLC purchased a new position in shares of Progyny during the 3rd quarter worth $56,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Progyny during the third quarter worth $77,000. 94.93% of the stock is owned by institutional investors and hedge funds.

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.