AlphaCentric Advisors LLC Buys New Position in Progyny, Inc. (NASDAQ:PGNY)

AlphaCentric Advisors LLC bought a new position in Progyny, Inc. (NASDAQ:PGNY) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,500 shares of the company’s stock, valued at approximately $126,000.

Several other institutional investors have also recently added to or reduced their stakes in PGNY. Quarry LP boosted its stake in shares of Progyny by 1,900.0% in the 2nd quarter. Quarry LP now owns 880 shares of the company’s stock worth $25,000 after buying an additional 836 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progyny in the second quarter valued at approximately $44,000. Mendota Financial Group LLC purchased a new position in shares of Progyny during the 3rd quarter valued at $56,000. Cambridge Trust Co. purchased a new stake in shares of Progyny in the 1st quarter valued at about $95,000. Finally, 1620 Investment Advisors Inc. purchased a new stake in Progyny in the second quarter valued at approximately $97,000. 94.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PGNY has been the subject of several recent research reports. Canaccord Genuity Group lowered their price objective on Progyny from $24.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, September 20th. 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. BTIG Research lowered shares of Progyny from a “buy” rating to a “neutral” rating in a report on Wednesday, August 7th. Leerink Partners cut their price objective on shares of Progyny from $25.00 to $21.00 and set a “market perform” rating on the stock in a research report on Thursday, September 19th. Finally, Jefferies Financial Group decreased their price target on Progyny from $31.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. Seven 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 stock currently has a consensus rating of “Hold” and a consensus price target of $27.73.

Progyny Price Performance

Progyny stock opened at $15.15 on Tuesday. Progyny, Inc. has a 1-year low of $13.93 and a 1-year high of $42.08. The firm has a market capitalization of $1.37 billion, a P/E ratio of 24.05, a price-to-earnings-growth ratio of 1.41 and a beta of 1.44. The company’s 50-day moving average is $18.74 and its 200 day moving average is $24.42.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.17. Progyny had a return on equity of 11.97% and a net margin of 5.54%. The firm had revenue of $304.09 million during the quarter, compared to analyst estimates of $305.32 million. During the same quarter in the previous year, the business earned $0.15 earnings per share. Progyny’s quarterly revenue was up 8.8% on a year-over-year basis. Research analysts anticipate that Progyny, Inc. will post 0.64 earnings per share for the current fiscal year.

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.