Bank of America Issues Pessimistic Forecast for Progyny (NASDAQ:PGNY) Stock Price

by · The Cerbat Gem

Progyny (NASDAQ:PGNY – Get Free Report) had its price target decreased by Bank of America from $22.00 to $21.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price suggests a potential upside of 47.89% from the company’s current price.

A number of other research analysts have also recently commented on PGNY. Truist Financial reiterated a “hold” rating and issued a $19.00 price target (down from $26.00) on shares of Progyny in a research note on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $25.00 target price on shares of Progyny in a report on Tuesday, October 1st. Jefferies Financial Group cut their price target on shares of Progyny from $31.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. Leerink Partnrs downgraded Progyny from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, 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 research report on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $26.50.

Read Our Latest Report on PGNY

Progyny Trading Down 17.3 %

NASDAQ PGNY traded down $2.98 during midday trading on Wednesday, hitting $14.20. The company had a trading volume of 2,075,763 shares, compared to its average volume of 1,374,819. Progyny has a twelve month low of $13.78 and a twelve month high of $42.08. The company has a market capitalization of $1.28 billion, a PE ratio of 24.28, a P/E/G ratio of 1.62 and a beta of 1.44. The firm has a 50-day moving average price of $17.88 and a 200-day moving average price of $23.62.

Progyny (NASDAQ:PGNY – Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.26). Progyny had a net margin of 5.03% and a return on equity of 10.87%. 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 previous year, the firm posted $0.16 earnings per share. Progyny’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities analysts anticipate that Progyny will post 0.64 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP boosted its position in Progyny by 1,900.0% during the second quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after purchasing an additional 836 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Progyny during the 2nd quarter valued at approximately $44,000. Mendota Financial Group LLC bought a new position in Progyny in the 3rd quarter worth approximately $56,000. Meeder Asset Management Inc. bought a new position in Progyny in the 3rd quarter worth approximately $77,000. Finally, Cambridge Trust Co. purchased a new position in Progyny in the 1st quarter valued at approximately $95,000. 94.93% of the stock is currently owned by hedge funds and other institutional investors.

About Progyny

(Get Free Report)

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.

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