Doman Curtis Linn, a director at PROG Holdings, Inc. (NYSE:PRG), has recently sold shares of the company, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, which took place over several days, involved the sale of a total of 79,000 shares. The sales were executed at prices ranging from $48.0 to $49.27 per share, amounting to a total value of approximately $3.89 million.
The transactions began on November 7, 2024, with Linn selling 3,584 shares at an average price of $48.02. On November 8, an additional 13,601 shares were sold at a price of $48.00. The largest transaction occurred on November 11, when 62,815 shares were sold at prices ranging from $48.24 to $49.27. Following these transactions, Linn holds 174,524 shares indirectly through an LLC.
These sales are part of routine transactions and reflect Linn's management of his holdings in the company. PROG Holdings, a company specializing in equipment rental and leasing services, continues to be a significant player in its industry.
In other recent news, PROG Holdings has been the subject of positive analyst attention, with Loop Capital maintaining a Buy rating and a price target of $55.00. The firm noted the company's increased momentum in the third quarter of 2024, with improvements in Gross Merchandise Value (GMV), revenue, and growth in gross leased assets. Additionally, PROG Holdings' management raised its full-year 2024 guidance for the third time, reflecting growing confidence in the company's operational progress.
Furthermore, the company reported robust growth for Q3 2024 during its earnings call. Consolidated revenue reached $606.1 million, a 4% increase year-over-year, and the company revised its full-year revenue outlook to between $2.44 and $2.46 billion. The adjusted EBITDA for the quarter was reported at $63.5 million.
In other developments, PROG Holdings' subsidiary, Progressive Leasing, has been recognized for its GMV growth initiatives. Notably, the recent acquisition of a new account with American Signature was highlighted as a significant development. These are some of the recent developments that are shaping the company's outlook and growth trajectory.
InvestingPro Insights
The recent share sales by Director Doman Curtis Linn at PROG Holdings, Inc. (NYSE:PRG) come at a time when the company's stock has shown strong performance. According to InvestingPro data, PRG has experienced a substantial 72.8% price total return over the past year, with a particularly impressive 38.54% return in the last six months. This robust performance aligns with an InvestingPro Tip indicating that the stock has had a "high return over the last year."
Despite the director's sales, there are positive signals for investors to consider. InvestingPro Tips reveal that management has been aggressively buying back shares, which often signals confidence in the company's future prospects. Additionally, two analysts have revised their earnings upwards for the upcoming period, suggesting a potentially positive outlook for PRG's financial performance.
From a valuation perspective, PRG's P/E ratio stands at 13.19, which is relatively modest compared to its recent growth. However, an InvestingPro Tip cautions that the stock is trading at a high P/E ratio relative to near-term earnings growth, with a PEG ratio of 1.46 for the last twelve months as of Q3 2024.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights beyond those mentioned here. In fact, there are 10 more tips available for PRG on the InvestingPro platform, providing a deeper understanding of the company's financial health and market position.
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