PROG (NYSE:PRG) Shares Gap Up on Insider Buying Activity

PROG Holdings, Inc. (NYSE:PRG) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $28.48, but opened at $29.77. PROG shares last traded at $29.42, with a volume of 39,357 shares changing hands.

Specifically, Director Douglas C. Curling acquired 10,000 shares of the stock in a transaction dated Friday, February 21st. The stock was purchased at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the acquisition, the director now owns 45,913 shares in the company, valued at $1,371,880.44. The trade was a 27.85 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Ratings Changes

PRG has been the subject of several recent research reports. TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th. Stephens reiterated an “overweight” rating and set a $60.00 price target on shares of PROG in a report on Thursday, January 2nd. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, PROG has an average rating of “Buy” and a consensus price target of $53.83.

PROG Stock Up 3.3 %

The company’s fifty day simple moving average is $41.43 and its 200 day simple moving average is $44.77. The firm has a market capitalization of $1.22 billion, a P/E ratio of 6.47 and a beta of 2.18. The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99.

PROG (NYSE:PRG) last released its earnings results on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. The firm had revenue of $623.30 million for the quarter, compared to analysts’ expectations of $612.67 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.72 earnings per share. Research analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of PROG by 2.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,201 shares of the company’s stock worth $980,000 after buying an additional 446 shares in the last quarter. LPL Financial LLC boosted its position in shares of PROG by 2.4% during the 4th quarter. LPL Financial LLC now owns 19,719 shares of the company’s stock valued at $833,000 after acquiring an additional 458 shares during the last quarter. Comerica Bank boosted its position in shares of PROG by 1.2% during the 4th quarter. Comerica Bank now owns 39,029 shares of the company’s stock valued at $1,649,000 after acquiring an additional 473 shares during the last quarter. State of Wyoming grew its holdings in shares of PROG by 10.9% in the fourth quarter. State of Wyoming now owns 5,694 shares of the company’s stock valued at $241,000 after purchasing an additional 560 shares in the last quarter. Finally, HB Wealth Management LLC increased its position in PROG by 4.1% in the fourth quarter. HB Wealth Management LLC now owns 16,176 shares of the company’s stock worth $684,000 after purchasing an additional 631 shares during the last quarter. 97.92% of the stock is currently owned by institutional investors.

PROG Company Profile

PROG Holdings, Inc (NYSE:PRG) is a financial technology holding company based in Salt Lake City, Utah with three business segments: Progressive Leasing, which offers lease-to-own transactions primarily to credit-challenged consumers through e-commerce and point-of-sale retail partners, via online, mobile, and in-store solutions; Vive Financial, which provides consumers who may not qualify for traditional prime lending with a variety of second-look, revolving credit products through private label and branded credit cards; and Four Technologies, which provides consumers of all credit backgrounds Buy Now, Pay Later (BNPL) options through four interest-free installments via its platform, Four.