Progyny (NASDAQ:PGNY) Shares Gap Down After Earnings Miss

Progyny, Inc. (NASDAQ:PGNY - Get Free Report)'s stock price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. 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 for the quarter, missing the consensus estimate of $0.37 by ($0.26). The company had revenue of $286.63 million during the quarter, compared to analyst estimates of $296.85 million. Progyny had a net margin of 5.03% and a return on equity of 10.87%. Progyny's revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.16 earnings per share.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PGNY. BTIG Research lowered Progyny from a "buy" rating to a "neutral" rating in a research note on Wednesday, August 7th. Bank of America lowered their target price on Progyny from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday. Leerink Partners reduced their price target 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. Jefferies Financial Group lowered 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, JMP Securities lowered shares of Progyny from an "outperform" rating to a "market perform" rating 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $26.50.

Institutional Trading of Progyny

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PGNY. RiverPark Advisors LLC increased its position in shares of Progyny by 9.6% during the second quarter. RiverPark Advisors LLC now owns 5,408 shares of the company's stock worth $155,000 after buying an additional 474 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Progyny by 9.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 6,260 shares of the company's stock worth $239,000 after acquiring an additional 543 shares during the period. Arizona State Retirement System raised its position in shares of Progyny by 2.6% in the 2nd quarter. Arizona State Retirement System now owns 24,313 shares of the company's stock worth $696,000 after acquiring an additional 609 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in shares of Progyny by 1.1% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 70,717 shares of the company's stock valued at $2,023,000 after purchasing an additional 787 shares during the period. Finally, ProShare Advisors LLC boosted its position in shares of Progyny by 4.6% during the 1st quarter. ProShare Advisors LLC now owns 18,346 shares of the company's stock valued at $700,000 after purchasing an additional 804 shares in the last quarter. Institutional investors and hedge funds own 94.93% of the company's stock.

Progyny Stock Down 19.1 %

The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.62 and a beta of 1.44. The firm has a 50 day moving average of $17.88 and a 200 day moving average of $23.62.

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.