George M. Sewell, Principal Accounting Officer and Vice President of Financial Reporting at PROG Holdings, Inc. (NYSE:PRG), recently sold 3,500 shares of common stock. The sale, which took place on November 12, was executed at a weighted average price of $48.88 per share, amounting to a total transaction value of $171,080.
Following this transaction, Sewell holds 12,639 shares directly. Additionally, he retains 175.51 shares indirectly through a 401(k) plan. The transaction details were disclosed in a recent SEC filing, noting that the shares were sold at prices ranging from $48.77 to $48.90 per share.
In other recent news, PROG Holdings reported robust growth in its third-quarter earnings for the fiscal year 2024. The company announced a consolidated revenue of $606.1 million, marking a year-over-year increase of 4%. Further, the Gross Merchandise Volume (GMV) for the Progressive Leasing segment grew by 11.6%, with e-commerce GMV now accounting for 16.6% of the total. The adjusted EBITDA for the quarter was reported at $63.5 million, indicating a margin of 10.5%.
In light of these developments, PROG Holdings raised its full-year revenue outlook to between $2.44 and $2.46 billion and adjusted EBITDA to $270 to $275 million. Loop Capital maintained a positive stance on PROG Holdings shares, reiterating a Buy rating and a price target of $55.00, citing the company's sequential improvements in GMV, revenue, and growth in gross leased assets.
Furthermore, PROG Holdings' subsidiary, Progressive Leasing, has been recognized for its GMV growth initiatives, expected to contribute to a stronger outlook for 2025. The recent acquisition of a new account with American Signature was also highlighted as a significant development. These are part of the recent developments shaping the future of PROG Holdings.
InvestingPro Insights
The recent insider sale by George M. Sewell at PROG Holdings, Inc. (NYSE:PRG) comes at a time when the company's stock has shown significant momentum. According to InvestingPro data, PRG has experienced a substantial 66.23% price total return over the past year, with a particularly strong 33.06% gain in the last six months. This upward trend aligns with one of the InvestingPro Tips, which notes that the stock has seen a "large price uptick over the last six months."
Despite the insider sale, PRG's financial health appears robust. The company's liquid assets exceed short-term obligations, as highlighted by another InvestingPro Tip. This strong liquidity position suggests that the company is well-equipped to meet its near-term financial commitments.
From a valuation perspective, PRG is trading at a P/E ratio of 13.14, which is relatively modest compared to its recent stock performance. However, an InvestingPro Tip cautions that the stock is "trading at a high P/E ratio relative to near-term earnings growth," indicating that investors should carefully consider the company's growth prospects in relation to its current valuation.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for PROG Holdings, providing a deeper understanding of the company's financial position and market dynamics.
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