PROG (NYSE:PRG) Sets New 52-Week Low – Time to Sell?

PROG Holdings, Inc. (NYSE:PRG) shares hit a new 52-week low on Monday . The company traded as low as $28.87 and last traded at $28.86, with a volume of 45844 shares changing hands. The stock had previously closed at $29.39.

Analyst Ratings Changes

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

PROG Stock Performance

The company has a debt-to-equity ratio of 0.99, a quick ratio of 2.34 and a current ratio of 5.24. The company has a market cap of $1.21 billion, a P/E ratio of 6.42 and a beta of 2.18. The firm has a 50 day moving average price of $41.14 and a 200-day moving average price of $44.69.

PROG (NYSE:PRG) last announced its earnings results 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. PROG had a return on equity of 24.25% and a net margin of 8.01%. The firm had revenue of $623.30 million during the quarter, compared to analysts’ expectations of $612.67 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. 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 3.45 EPS for the current year.

Insider Buying and Selling

In other PROG news, Director Douglas C. Curling acquired 10,000 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were acquired at an average cost of $29.88 per share, for a total transaction of $298,800.00. Following the completion of the purchase, the director now owns 45,913 shares of the company’s stock, valued at approximately $1,371,880.44. This trade represents a 27.85 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.74% of the company’s stock.

Institutional Trading of PROG

Hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of PROG by 2.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,201 shares of the company’s stock worth $980,000 after buying an additional 446 shares during the last quarter. LPL Financial LLC raised its holdings in PROG by 2.4% in the 4th quarter. LPL Financial LLC now owns 19,719 shares of the company’s stock valued at $833,000 after acquiring an additional 458 shares in the last quarter. Comerica Bank lifted its position in shares of PROG by 1.2% in the 4th quarter. Comerica Bank now owns 39,029 shares of the company’s stock worth $1,649,000 after acquiring an additional 473 shares during the period. State of Wyoming grew its holdings in shares of PROG by 10.9% during the 4th quarter. State of Wyoming now owns 5,694 shares of the company’s stock worth $241,000 after purchasing an additional 560 shares in the last quarter. Finally, HB Wealth Management LLC increased its position in shares of PROG by 4.1% during the fourth quarter. HB Wealth Management LLC now owns 16,176 shares of the company’s stock valued at $684,000 after purchasing an additional 631 shares during the period. Institutional investors own 97.92% of the company’s stock.

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.