Loop Capital Increases PROG (NYSE:PRG) Price Target to $35.00

PROG (NYSE:PRG) had its price target hoisted by equities research analysts at Loop Capital from $31.00 to $35.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “hold” rating on the stock. Loop Capital’s target price would indicate a potential upside of 0.23% from the company’s previous close.

Other analysts also recently issued reports about the company. TD Cowen increased their target price on PROG from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday. Stephens upgraded PROG from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.60.

PROG Stock Down 2.1 %

Shares of PRG traded down $0.74 during mid-day trading on Thursday, reaching $34.92. The company had a trading volume of 181,304 shares, compared to its average volume of 392,881. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.49 and a current ratio of 3.66. The firm has a 50-day moving average price of $32.25 and a 200 day moving average price of $30.67. PROG has a 52 week low of $26.39 and a 52 week high of $44.81. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 11.77 and a beta of 2.08.

PROG (NYSE:PRG) last issued its earnings results on Wednesday, April 24th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.83 by $0.08. PROG had a return on equity of 28.83% and a net margin of 5.77%. The business had revenue of $641.87 million for the quarter, compared to the consensus estimate of $632.24 million. On average, sell-side analysts forecast that PROG will post 2.83 EPS for the current year.

Hedge Funds Weigh In On PROG

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in PROG in the 4th quarter worth $12,666,000. Breach Inlet Capital Management LLC bought a new stake in PROG during the fourth quarter valued at about $12,572,000. Qube Research & Technologies Ltd raised its holdings in PROG by 284.5% during the third quarter. Qube Research & Technologies Ltd now owns 266,456 shares of the company’s stock valued at $8,849,000 after acquiring an additional 197,152 shares during the period. Cambria Investment Management L.P. raised its holdings in PROG by 1,451.8% during the third quarter. Cambria Investment Management L.P. now owns 210,054 shares of the company’s stock valued at $6,976,000 after acquiring an additional 196,518 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in PROG by 719.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 178,859 shares of the company’s stock valued at $5,529,000 after acquiring an additional 157,024 shares during the period. 97.92% of the stock is owned by institutional investors.

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.