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  "documentTitle": "Progyny, Inc. (PGNY)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-07 00:00:00",
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      "text": "Insiders have continued to reduce their stake in PGNY since its IPO in 2019. Insiders have reduced their stake from 52% prior to the IPO to 14% as of the 2021 proxy filed in April 2022. If insiders are selling at such a rapid clip, why are investors buying?",
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      "text": "Total Executive and Director Ownership %: 14%",
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      "text": "Sources: PGNY IPO Prospectus, 2019 Proxy, 2020 Proxy, 2021 Proxy",
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      "text": "Major Stakeholders Have All Sold A Majority of Their Stock",
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      "text": "Insiders Have Reduced Their Stake From 52% Prior To The IPO To Just 14%",
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