PROG Holdings, Inc. (NYSE:PRG – Get Rating) was the recipient of a significant increase in short interest in April. As of April 15th, there was short interest totalling 5,600,000 shares, an increase of 22.8% from the March 31st total of 4,560,000 shares. Currently, 10.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,030,000 shares, the days-to-cover ratio is currently 5.4 days.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in PROG by 38.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,941 shares of the company’s stock worth $403,000 after buying an additional 2,470 shares in the last quarter. Panagora Asset Management Inc. boosted its position in PROG by 11.9% during the third quarter. Panagora Asset Management Inc. now owns 206,394 shares of the company’s stock valued at $8,671,000 after buying an additional 21,892 shares during the period. Russell Investments Group Ltd. grew its stake in shares of PROG by 48.6% during the third quarter. Russell Investments Group Ltd. now owns 329,776 shares of the company’s stock valued at $13,861,000 after buying an additional 107,883 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of PROG by 222.4% in the third quarter. Marshall Wace LLP now owns 84,754 shares of the company’s stock worth $3,560,000 after buying an additional 58,463 shares during the period. Finally, Comerica Bank increased its holdings in shares of PROG by 4.5% in the third quarter. Comerica Bank now owns 323,695 shares of the company’s stock worth $15,197,000 after buying an additional 14,086 shares during the period. 95.47% of the stock is currently owned by institutional investors.
Several equities analysts recently commented on the stock. Raymond James reduced their price objective on shares of PROG from $55.00 to $42.00 and set an “outperform” rating for the company in a research note on Thursday, February 24th. TheStreet lowered shares of PROG from a “b-” rating to a “c+” rating in a research report on Monday, February 7th. KeyCorp dropped their price objective on PROG from $64.00 to $55.00 and set an “overweight” rating for the company in a research note on Thursday, February 24th. Finally, Zacks Investment Research upgraded PROG from a “sell” rating to a “hold” rating in a research note on Saturday. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $51.33.
PROG (NYSE:PRG – Get Rating) last released its earnings results on Wednesday, April 27th. The company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.19). PROG had a net margin of 7.17% and a return on equity of 24.37%. The firm had revenue of $710.46 million during the quarter, compared to the consensus estimate of $719.20 million. During the same period in the prior year, the company earned $1.22 EPS. The firm’s revenue was down 1.5% compared to the same quarter last year. As a group, equities research analysts predict that PROG will post 3.35 earnings per share for the current year.
PROG Company Profile (Get Rating)
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.
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