PROG (NYSE:PRG) Shares Gap Down – Should You Sell?

PROG Holdings, Inc. (NYSE:PRG) shares gapped down prior to trading on Wednesday . The stock had previously closed at $42.69, but opened at $37.58. PROG shares last traded at $36.23, with a volume of 153,668 shares changing hands.

Analyst Upgrades and Downgrades

PRG has been the topic of a number of research reports. Stephens restated an “overweight” rating and set a $60.00 price objective on shares of PROG in a research report on Thursday, January 2nd. Raymond James upgraded PROG from a “market perform” rating to an “outperform” rating and set a $48.00 price objective on the stock in a research report on Thursday, October 24th. Finally, TD Cowen upgraded PROG to a “strong-buy” rating in a research report on Friday, November 29th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $53.83.

PROG Price Performance

The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 6.47 and a beta of 2.18. The company has a fifty day simple moving average of $42.03 and a 200 day simple moving average of $44.87. The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24.

PROG (NYSE:PRG) last announced its earnings results on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. The firm had revenue of $623.30 million for the quarter, compared to the consensus estimate of $612.67 million. PROG had a return on equity of 24.25% and a net margin of 8.01%. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 EPS. Equities research analysts forecast that PROG Holdings, Inc. will post 3.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp lifted its stake in shares of PROG by 170.3% in the 4th quarter. Mackenzie Financial Corp now owns 29,706 shares of the company’s stock valued at $1,255,000 after purchasing an additional 18,715 shares during the period. Castleark Management LLC acquired a new position in shares of PROG in the 4th quarter valued at about $4,416,000. PharVision Advisers LLC acquired a new position in shares of PROG in the 4th quarter valued at about $288,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of PROG by 17.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 123,881 shares of the company’s stock valued at $5,235,000 after purchasing an additional 18,760 shares during the period. Finally, Voloridge Investment Management LLC lifted its stake in shares of PROG by 11.7% in the 4th quarter. Voloridge Investment Management LLC now owns 257,141 shares of the company’s stock valued at $10,867,000 after purchasing an additional 26,964 shares during the period. 97.92% of the stock is owned by institutional investors and hedge funds.

About PROG

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.