Progenity, Inc. (NASDAQ:PROG): Why Investors Shouldn’t Ditch PROG stock in 2021 – Marketing Sentinel
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Progenity, Inc. (NASDAQ:PROG): Why Investors Shouldn’t Ditch PROG stock in 2021

In the last trading session, 1,265,434 Progenity, Inc. (NASDAQ:PROG) shares changed hands as the company’s beta touched 0. With the company’s per share price at $3.01 changed hands at -$0.07 or -0.02% during last session, the market valuation stood at $182.03 Million. PROG’s last price was a discount, traded about -363.46% off its 52-week high of $13.95. The share price had its 52-week low at $2.04, which suggests the last value was 32.23% up since then. When we look at Progenity, Inc.’s average trading volume, we note the 10-day average is 6.84 Million shares, with the 3-month average coming to 1.47 Million.

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Analysts gave the Progenity, Inc. (PROG) stock a consensus recommendation rating of Hold, calculated at a mean rating of 2.6. If we narrow down to specifics, the data shows that 1 out of 5 analysts rate the stock as a Sell, with a further none assigning it an Overweight rating. Of the remaining, 2 recommended PROG as a Hold, 2 felt it is a Buy and none rated the stock as Underweight. Progenity, Inc.’s EPS for the current quarter is expected to be -$0.8.


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Progenity, Inc. (NASDAQ:PROG) trade information

Although PROG has turned red as seen at the end of in last trading. With action -2.27%, the performance over the past five days has been red. The jump to weekly highs of $3.69- on Monday, Jun 14 added 18.43% to the stock’s daily price. The company’s shares are showing year-to-date downside of -0.43%, with the 5-day performance at -0.06% in the red. However, in the 30-day time frame, Progenity, Inc. (NASDAQ:PROG) is 0.37% up. Looking at the short shares, we see there were 3.02 Million shares sold at short interest cover period of 2.05 days.

The consensus price target for the stock as assigned by Wall Street analysts is $5.2, meaning bulls need an upside of 72.76% from its current market value. According to analyst projections, PROG’s forecast low is $2 with $12 as the target high. To hit the forecast high, the stock’s price needs a +298.67% upsurge from its current level, while the stock would need to tank -33.55% for it to hit the projected low.

Progenity, Inc. (PROG) estimates and forecasts

Data shows that the Progenity, Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value dive -35.27% over the past 6 months, a 69.19% in annual growth rate that is considerably higher than the industry average of 16.4%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2021 revenue estimates. The rating firms predict current quarter revenue for Progenity, Inc. will rise +86.9%, while the growth in revenue is estimated to hit 42.6% for the next quarter. Year-over-year growth is forecast to reach -0.7% down from the last financial year.

Consensus estimates given by 4 financial analysts project the company’s revenue in the current quarter to hit an average of $20.45 Million. 4 analysts are of the opinion that Progenity, Inc.’s revenue for the quarter ending September 01, 2021 will be $14.32 Million. The company’s revenue for the corresponding quarters a year ago was $17.27 Million and $25.94 Million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 18.4%. The estimates for the next quarter sales put growth at -44.8%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 0%. The 2021 estimates are for Progenity, Inc. earnings to decrease by -38.3%, but the outlook for the next 5-year period is at 0% per year.

Progenity, Inc. (NASDAQ:PROG)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 25.66% of Progenity, Inc. shares while 71.87% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 96.68%. There are 67 institutions holding the Progenity, Inc. stock share, with Athyrium Capital Management, LP the top institutional holder. As of Mar 30, 2021, the company held 44.7% of the shares, roughly 27.03 Million PROG shares worth $128.67 Million.

Neuberger Berman Group, LLC holds the second largest percentage of outstanding shares, with 10.82% or 6.54 Million shares worth $31.14 Million as of Mar 30, 2021.

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Among Mutual Funds, the top two as of Mar 30, 2021 were Vanguard Total Stock Market Index Fund and Vanguard Extended Market Index Fund. With 328143 shares estimated at $1.56 Million under it, the former controlled 0.54% of total outstanding shares. On the other hand, Vanguard Extended Market Index Fund held about 0.51% of the shares, roughly 308.34 Thousand shares worth around $1.47 Million.

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