Progenity Inc. [PROG] Stock trading around $3.63 per share: What’s Next?

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Progenity Inc. [NASDAQ: PROG] price plunged by -9.48 percent to reach at -$0.38. The company report on December 1, 2020 that Progenity Announces Proposed Convertible Senior Notes Offering.

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Progenity, Inc. (NASDAQ: PROG) announced its intention to offer, subject to market and other conditions, $75 million aggregate principal amount of convertible senior notes due 2025 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Progenity also expects to grant the initial purchaser of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional $15 million principal amount of notes.

The notes will be senior, unsecured obligations of Progenity, will accrue interest payable semi-annually in arrears and will mature on December 1, 2025, unless earlier repurchased, redeemed or converted. At any time from and including the date that is 30 calendar days after the initial closing date of the offering and before the close of business on the second scheduled trading day immediately before the maturity date, noteholders may convert their notes at their option into shares of Progenity’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. In addition, noteholders that convert their notes before December 1, 2022 will, in certain circumstances, be entitled to an additional cash payment upon conversion. The notes will be redeemable, in whole and not in part, for cash at Progenity’s option at any time on or after December 1, 2023, but only if the last reported sale price per share of Progenity’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.

A sum of 1069560 shares traded at recent session while its average daily volume was at 111.67K shares. Progenity Inc. shares reached a high of $3.85 and dropped to a low of $3.57 until finishing in the latest session at $3.63.

The average equity rating for PROG stock is currently 1.60, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Progenity Inc. [PROG]:

BTIG Research have made an estimate for Progenity Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 23, 2020. While these analysts kept the previous recommendation, Wells Fargo raised their target price to Overweight. The new note on the price target was released on July 14, 2020, representing the official price target for Progenity Inc. stock. Previously, the target price had yet another raise to $12, while Robert W. Baird analysts kept a Outperform rating on PROG stock.

The Average True Range (ATR) for Progenity Inc. is set at 0.47, with the Price to Sales ratio for PROG stock in the period of the last 12 months amounting to 2.12.

PROG Stock Performance Analysis:

Progenity Inc. [PROG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.27.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PROG stock in for the last two-week period is set at 24.14, with the RSI for the last a single of trading hit 25.93, and the three-weeks RSI is set at 27.25 for Progenity Inc. [PROG]. The present Moving Average for the last 50 days of trading for this stock 6.72, while it was recorded at 3.87 for the last single week of trading.

Insight into Progenity Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Progenity Inc. [PROG] shares currently have an operating margin of -97.31 and a Gross Margin at +30.21. Progenity Inc.’s Net Margin is presently recorded at -102.81.

Return on Total Capital for PROG is now -1,109.06, given the latest momentum, and Return on Invested Capital for the company is -1,283.32.

Receivables Turnover for the company is 9.30 with a Total Asset Turnover recorded at a value of 1.32.Progenity Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.10.

Progenity Inc. [PROG] Insider Position Details

There are presently around $34 million, or 69.50% of PROG stock, in the hands of institutional investors. The top three institutional holders of PROG stocks are: NEUBERGER BERMAN GROUP LLC with ownership of 6,541,060, which is approximately 0% of the company’s market cap and around 31.90% of the total institutional ownership; FRED ALGER MANAGEMENT, LLC, holding 433,683 shares of the stock with an approximate value of $1.57 million in PROG stocks shares; and WELLS FARGO & COMPANY/MN, currently with $1.48 million in PROG stock with ownership of nearly -6.102% of the company’s market capitalization.

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Positions in Progenity Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 30 institutional holders increased their position in Progenity Inc. [NASDAQ:PROG] by around 847,749 shares. Additionally, 14 investors decreased positions by around 1,097,562 shares, while 6 investors held positions by with 7,382,379 shares. The mentioned changes placed institutional holdings at 9,327,690 shares, according to the latest SEC report filing. PROG stock had 23 new institutional investments in for a total of 664,689 shares, while 10 institutional investors sold positions of 799,765 shares during the same period.

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