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

PROG Holdings, Inc. (NYSE:PRG) 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 changing hands.

Wall Street Analyst Weigh In

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

PROG Stock Performance

The firm has a market capitalization of $1.17 billion, a P/E ratio of 6.18 and a beta of 2.18. The stock’s 50 day moving average is $41.14 and its two-hundred day moving average is $44.69. The company has a debt-to-equity ratio of 0.99, a current ratio of 5.24 and a quick ratio of 2.34.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. The business had revenue of $623.30 million during 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%. PROG’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period last year, the company earned $0.72 earnings per share. As a group, equities analysts anticipate that PROG Holdings, Inc. will post 3.45 earnings per share for the current fiscal year.

Insider Transactions at PROG

In related news, Director Douglas C. Curling acquired 10,000 shares of PROG stock in a transaction dated Friday, February 21st. The stock was bought at an average price of $29.88 per share, with a total value of $298,800.00. Following the transaction, the director now directly owns 45,913 shares in the company, valued at $1,371,880.44. This represents a 27.85 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 2.74% of the stock is owned by insiders.

Hedge Funds Weigh In On PROG

Several institutional investors have recently modified their holdings of PRG. Summit Securities Group LLC purchased a new position in PROG in the 4th quarter valued at approximately $38,000. Sterling Capital Management LLC grew its stake in shares of PROG by 765.6% during the fourth quarter. Sterling Capital Management LLC now owns 1,082 shares of the company’s stock valued at $46,000 after buying an additional 957 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in PROG by 141.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,208 shares of the company’s stock valued at $51,000 after acquiring an additional 707 shares during the period. CIBC Private Wealth Group LLC grew its stake in shares of PROG by 248.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company’s stock worth $57,000 after purchasing an additional 977 shares during the last quarter. Finally, New Age Alpha Advisors LLC purchased a new position in shares of PROG during the fourth quarter valued at about $68,000. 97.92% of the stock is 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.