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

PROG Holdings, Inc. (NYSE:PRG)’s stock price 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 trading hands.

Analysts Set New Price Targets

Several analysts have issued reports on PRG shares. TD Cowen upgraded PROG to a “strong-buy” rating in a research note on Friday, November 29th. 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 note on Thursday, October 24th. Finally, Stephens restated an “overweight” rating and issued a $60.00 price objective on shares of PROG in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $53.83.

PROG Stock Performance

The company has a market cap of $1.22 billion, a P/E ratio of 6.47 and a beta of 2.18. The company has a quick ratio of 2.34, a current ratio of 5.24 and a debt-to-equity ratio of 0.99. The stock has a 50 day moving average price of $42.03 and a two-hundred day moving average price of $44.87.

PROG (NYSE:PRG) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.03. PROG had a return on equity of 24.25% and a net margin of 8.01%. The firm had revenue of $623.30 million for the quarter, compared to analyst estimates of $612.67 million. During the same quarter last year, the company earned $0.72 EPS. The company’s revenue was up 7.9% on a year-over-year basis. On average, research analysts predict that PROG Holdings, Inc. will post 3.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PROG

A number of hedge funds have recently added to or reduced their stakes in PRG. Creative Planning increased its stake in PROG by 34.5% during the 3rd quarter. Creative Planning now owns 9,018 shares of the company’s stock worth $437,000 after acquiring an additional 2,312 shares during the period. Blue Trust Inc. increased its stake in shares of PROG by 35.4% in the 3rd quarter. Blue Trust Inc. now owns 2,664 shares of the company’s stock valued at $129,000 after purchasing an additional 697 shares during the last quarter. Whittier Trust Co. bought a new position in shares of PROG in the 3rd quarter valued at $26,000. International Assets Investment Management LLC bought a new position in shares of PROG in the 3rd quarter valued at $3,080,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of PROG in the 3rd quarter valued at $19,079,000. Institutional investors own 97.92% of the company’s stock.

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.