Should You Invest in Progyny (PGNY) Now?

Polen Capital, an investment management company, released its “Polen U.S. Small Company Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -25.81% net of fees compared to a -19.25% return for the Russell 2000 Growth Index. The fund underperformed in the second quarter due to widespread economic slowdown. In addition, please check the fund’s top five holdings to know its best picks in 2022.

In the second quarter 2022 investor letter, Polen Capital discussed stocks like Progyny, Inc. (NASDAQ:PGNY). Headquartered in New York, New York, Progyny, Inc. (NASDAQ:PGNY) is a  fertility benefits management company. On September 29, 2022, Progyny, Inc. (NASDAQ:PGNY) stock closed at $38.65 per share. One-month return of Progyny, Inc. (NASDAQ:PGNY) was 2.90% and its shares gained 32.44% of their value over the last 52 weeks. Progyny, Inc. (NASDAQ:PGNY) has a market capitalization of $3.559 billion.

Here is what Polen Capital specifically said about Progyny, Inc. (NASDAQ:PGNY) in its Q2 2022 investor letter:

“Progyny, Inc. (NASDAQ:PGNY) is a fertility benefits manager for self-insured companies and their employees. Like Revolve, the underlying fundamentals of the business remain robust, and we believe the outsized weakness during the quarter was sentiment-driven based on investors’ recessionary fears. In our view, this is a short-sighted concern that overlooks Progyny’s nascent opportunity to penetrate a large and rapidly growing market with an advantaged, “patient-first” business model. Progyny’s comprehensive fertility solutions are top of mind for employers looking to drive better diversity, equity and inclusion efforts and it’s also a way for companies to stay competitive in attracting and retaining talent. As a medical benefits provider, they should be relatively insulated should economic conditions worsen, especially compared to more “nice to have” employee benefits.”

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Progyny, Inc. (NASDAQ:PGNY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held Progyny, Inc. (NASDAQ:PGNY) at the end of the second quarter which was 18 in the previous quarter.

We discussed Progyny, Inc. (NASDAQ:PGNY) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.