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Saturday, September 30, 2023

Progenity Inc. (NASDAQ:PROG) Recent Earnings Shows Major Concern

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Progenity Inc. (PROG) shares are trading at lower $3.27 and the avg recommendation for the stock is Strong Buy.

To add more color to this target, the company’s high over the last year is $15.92 and the low is $3.27 while the S&P 500 is up 17.73%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, PROG reported a profit of $2.34 million. Progenity Inc. also saw revenues increase to $25.94 million. In addition, PROG has free cash flow of -$98.8 million as of 09-2020. The company’s EBITDA came in at -$42.74 million which compares well with its peers.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. PROG has a short ratio of 1.31 and outstanding shares of 46.63M.

Company Outlook

PROG has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 0.5 million and more growth is possible in the weeks ahead. Progenity Inc. PROG also noted assets of $119.62 million at the end of the last quarter. Investors should also keep an eye on sector updates as PROG has historically followed its peers on positive news.

All told, Progenity Inc. PROG has strung together solid data and demonstrated underlying fundamentals. At its current valuation, PROG represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Progenity Inc. PROG is now commanding a market cap of 153.78M and a float of 32.29M. PROG is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of PROG stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in PROG, either long or short, and we have not been compensated for this article.

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