Progyny rises 14.2% after record third-quarter results and raised guidance

What happened

Progyny (PGNY) rose 14.2% on November 5, 2026, after the company reported record third-quarter 2026 results and raised the midpoint of its full-year guidance because of those results. The report showed earnings per share of $0.52 against $0.31 expected and disclosed record results across revenue, gross profit, adjusted EBITDA and net income, according to company releases reported by GlobeNewsWire and Seeking Alpha.

How big was the move

The stock closed at $34.37, a move that was 5.5 times a typical daily move for this stock. Trading volume ran 3.0 times its 20-day average and the stock opened 10.2% above the previous close. The broader market was weak: the S&P 500 fell 4.4% on the day while the healthcare sector median fell 5.7%, leaving Progyny 19.9 percentage points better than the sector median for the session.

The technical picture

Technically, the stock sat 3.2% below its 52-week high and was 20.0% above its 20-day moving average and 26.0% above its 50-day moving average. The 50-day average is above the 200-day average, a sign of an established uptrend, and the stock has been above its 200-day average for 126 consecutive trading days. Momentum indicators showed strength: the Relative Strength Index (14 days) was 79, which is above 70, a level often called overbought. Over one month the stock rose 24.8% and over three months it rose 22.3%, while over one year it rose 85.1%, a one-year performance 76.5 percentage points ahead of the S&P 500. Volatility measured 41% annualized over 60 days, lower than 73% of its own readings over five years.

Fundamentals and valuation

For the four quarters through September 30, 2026, revenue was $1.34 billion, which grew 5.5% from a year earlier, and diluted earnings per share were $1.09, which rose 73.0% from a year earlier. Gross margin improved to 24.9% from 22.9% a year earlier and operating margin rose to 9.4% from 6.8% a year earlier. Free-cash-flow margin stood at 16.4%, return on invested capital was 15.3% and the balance sheet showed net cash of $95.1 million. Share count over one year decreased by 10.0%.

Valuation metrics presented a mixed picture. The stock traded at 31.5 times trailing earnings and 26.7 times expected forward earnings, with a free-cash-flow yield of 9.8%. Its price to trailing earnings was lower than 76% of its own readings over the past five years, where the five-year median was 45.1 times earnings. PromtFinance scores rank the company highly on Value (91, Exceptional), Quality (94, Exceptional), Momentum (96, Exceptional) and Stability (84, Strong), with Growth (69, Positive) and Revisions (60, Neutral). Together, the fundamentals point to expanding margins and cash generation while the valuation sits below most of its recent history.

Earnings and analyst expectations

The November 4, 2026, report was the direct trigger for the session move and showed earnings per share of $0.52 versus $0.31 expected, 66.1% above estimates. The company said its latest selling season added a record 1.3 million new covered lives and achieved near 100% retention, and it raised the midpoint of its full-year 2026 guidance ranges. Progyny has beaten estimates in four consecutive quarters, with an average surprise of 23.2% above estimates over those reports. While the typical two-day reaction after recent reports has been modestly negative, falling 0.1%, this session produced a strong positive response because of the results.

Analysts maintained a consensus rating of Buy, with 70% of ratings at Buy or Strong Buy among 20 analysts and a consensus price target of $35.50, which is 3.3% above the closing price on November 5, 2026. Market value at the close on November 5, 2026, was $2.24 billion. The company’s beta of 0.41 indicates the stock tends to move less than the market.

What to watch

• Next report scheduled for February 25, 2027.
• Last report on November 4, 2026: earnings per share of $0.52 against $0.31 expected, 66.1% above estimates.
• The company disclosed adding a record 1.3 million new covered lives and near 100% retention in the latest selling season.
• Market value at the close on November 5, 2026: $2.24 billion.
• Similar sessions in the past five years: the stock had 5 sessions with a gain of at least 14.2%; twenty trading days later the median result was a gain of 9.3%, and 3 of 5 were higher.