PROG (NYSE:PRG) Sees Strong Trading Volume – Should You Buy?

PROG Holdings, Inc. (NYSE:PRG) saw unusually-strong trading volume on Monday . Approximately 448,771 shares were traded during mid-day trading, an increase of 55% from the previous session’s volume of 288,736 shares.The stock last traded at $43.50 and had previously closed at $43.07.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PRG shares. Raymond James raised shares of PROG from a “market perform” rating to an “outperform” rating and set a $48.00 target price on the stock in a research report on Thursday, October 24th. TD Cowen upgraded shares of PROG to a “strong-buy” rating in a research note on Friday, November 29th. Finally, Stephens reiterated an “overweight” rating and set a $60.00 price target on shares of PROG in a research note on Thursday, January 2nd. One analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, PROG currently has an average rating of “Buy” and a consensus price target of $53.83.

PROG Price Performance

The company has a debt-to-equity ratio of 0.94, a quick ratio of 2.34 and a current ratio of 4.97. The company’s fifty day simple moving average is $43.19 and its two-hundred day simple moving average is $45.13. The stock has a market capitalization of $1.76 billion, a PE ratio of 11.75 and a beta of 2.18.

Institutional Investors Weigh In On PROG

Hedge funds and other institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. boosted its position in shares of PROG by 16.5% in the fourth quarter. Alliancebernstein L.P. now owns 120,313 shares of the company’s stock worth $5,084,000 after acquiring an additional 17,011 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of PROG by 28.3% in the fourth quarter. Meeder Asset Management Inc. now owns 13,398 shares of the company’s stock worth $566,000 after acquiring an additional 2,954 shares during the last quarter. Wellington Management Group LLP lifted its position in PROG by 1.8% during the fourth quarter. Wellington Management Group LLP now owns 421,769 shares of the company’s stock valued at $17,824,000 after buying an additional 7,464 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in PROG by 20.8% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 86,771 shares of the company’s stock valued at $3,667,000 after buying an additional 14,947 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in PROG by 248.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,370 shares of the company’s stock valued at $57,000 after buying an additional 977 shares in the last quarter. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

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.