Canaccord Genuity Group Has Lowered Expectations for Progyny (NASDAQ:PGNY) Stock Price

Progyny (NASDAQ:PGNY) had its target price cut by stock analysts at Canaccord Genuity Group from $18.00 to $17.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 25.93% from the company’s current price.

Other analysts have also recently issued research reports about the company. 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 report on Thursday, September 19th. Jefferies Financial Group cut their target price on Progyny from $31.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. BTIG Research cut Progyny from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price target on Progyny from $31.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Finally, Truist Financial restated a “hold” rating and issued a $19.00 price target (down previously from $26.00) on shares of Progyny in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.42.

Progyny Stock Performance

NASDAQ PGNY traded down $0.48 during trading on Wednesday, reaching $13.50. 245,469 shares of the company’s stock were exchanged, compared to its average volume of 1,388,565. The stock has a market cap of $1.15 billion, a P/E ratio of 24.10, a price-to-earnings-growth ratio of 1.31 and a beta of 1.44. The company has a 50 day moving average price of $17.49 and a two-hundred day moving average price of $23.49. Progyny has a 1 year low of $13.45 and a 1 year high of $42.08.

Progyny (NASDAQ:PGNY) last posted its earnings results on Tuesday, November 12th. The company reported $0.11 EPS 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 for the quarter, compared to analyst estimates of $296.85 million. During the same quarter last year, the firm posted $0.16 EPS. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. Research analysts forecast that Progyny will post 0.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Progyny

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. increased its position in Progyny by 2,283.8% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 36,544 shares of the company’s stock worth $612,000 after purchasing an additional 35,011 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of Progyny during the 3rd quarter worth approximately $597,000. Edgestream Partners L.P. boosted its stake in shares of Progyny by 72.7% during the 3rd quarter. Edgestream Partners L.P. now owns 69,082 shares of the company’s stock worth $1,158,000 after acquiring an additional 29,074 shares in the last quarter. Public Sector Pension Investment Board purchased a new stake in shares of Progyny during the 3rd quarter worth approximately $2,792,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Progyny during the 3rd quarter worth approximately $2,187,000. Institutional investors and hedge funds own 94.93% of the company’s stock.

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.