Progyny Inc (NASDAQ:PGNY)’s share price dropped 1.9% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $24.73 and last traded at $25.02, approximately 23,376 shares traded hands during mid-day trading. A decline of 98% from the average daily volume of 1,004,572 shares. The stock had previously closed at $25.51.
Specifically, major shareholder Plc Glaxosmithkline sold 4,000,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $25.75, for a total value of $103,000,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David J. Schlanger sold 8,512 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $22.17, for a total transaction of $188,711.04. Following the completion of the transaction, the chief executive officer now owns 600,010 shares of the company’s stock, valued at approximately $13,302,221.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,439,804 shares of company stock valued at $113,631,630.
Several research firms have commented on PGNY. Zacks Investment Research cut shares of Progyny from a “buy” rating to a “hold” rating in a research report on Friday, May 1st. Citigroup decreased their target price on shares of Progyny from $29.00 to $28.00 and set a “buy” rating for the company in a research report on Wednesday, May 13th. Finally, ValuEngine upgraded shares of Progyny from a “hold” rating to a “buy” rating in a research report on Monday, March 9th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Progyny has a consensus rating of “Buy” and an average target price of $28.67.
Progyny (NASDAQ:PGNY) last issued its quarterly earnings results on Tuesday, May 12th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The company had revenue of $81.02 million during the quarter, compared to analyst estimates of $71.81 million. The firm’s quarterly revenue was up 71.7% on a year-over-year basis. On average, research analysts expect that Progyny Inc will post 0.19 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. Advisor Group Inc. acquired a new stake in Progyny during the fourth quarter valued at approximately $39,000. Bank of Montreal Can acquired a new stake in Progyny during the fourth quarter valued at approximately $40,000. Ladenburg Thalmann Financial Services Inc. acquired a new stake in Progyny during the fourth quarter valued at approximately $46,000. Victory Capital Management Inc. acquired a new stake in Progyny during the fourth quarter valued at approximately $50,000. Finally, Citigroup Inc. acquired a new stake in Progyny during the fourth quarter valued at approximately $64,000. 35.07% of the stock is owned by institutional investors and hedge funds.
About Progyny (NASDAQ:PGNY)
Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions for employers 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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