PROG (NYSE:PRG) Shares Gap Down – Here’s Why

PROG Holdings, Inc. (NYSE:PRG)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $29.17, but opened at $28.01. PROG shares last traded at $28.31, with a volume of 94,431 shares.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Stephens restated an “overweight” rating and set a $60.00 price objective on shares of PROG in a research report on Thursday, January 2nd. TD Cowen raised shares of PROG to a “strong-buy” rating in a research note on Friday, November 29th. Finally, Jefferies Financial Group lowered PROG from a “buy” rating to a “hold” rating and cut their price target for the company from $58.00 to $29.00 in a research note on Wednesday. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

PROG Stock Down 3.8 %

The company has a current ratio of 5.24, a quick ratio of 2.34 and a debt-to-equity ratio of 0.99. The business’s fifty day moving average price is $41.14 and its 200 day moving average price is $44.69. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 6.18 and a beta of 2.18.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, beating 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%. PROG’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 EPS. On average, equities analysts expect that PROG Holdings, Inc. will post 3.45 EPS for the current year.

Insider Transactions at PROG

In other news, Director Douglas C. Curling bought 10,000 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was purchased at an average price of $29.88 per share, for a total transaction of $298,800.00. Following the transaction, the director now owns 45,913 shares in the company, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.74% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Stifel Financial Corp bought a new stake in PROG in the third quarter worth approximately $1,046,000. Moran Wealth Management LLC bought a new position in PROG during the third quarter worth about $3,084,000. Atom Investors LP bought a new stake in shares of PROG in the 3rd quarter worth about $4,979,000. FMR LLC boosted its holdings in shares of PROG by 1.3% in the 3rd quarter. FMR LLC now owns 2,430,318 shares of the company’s stock worth $117,846,000 after acquiring an additional 30,030 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of PROG during the third quarter worth $1,972,000. 97.92% of the stock is currently owned by institutional investors and hedge funds.

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.