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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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  "notes": "The slide uses a table and a pie chart to visualize the consensus bias among analysts.",
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      "kind": "callout",
      "text": "Spruce Point believes current sell-side analyst price targets are wildly optimistic, with all but one analyst recommending buying the stock. The consensus estimate projects 41% upside to PGNY's share price. However, there are reasons to be skeptical of the sell-side's bullish stance based on slowing or even negative growth from its largest two customers (~25% of FY22E revenue). Further the sell-side does not appreciate the questionable revenue recognition, risk to utilization trends in its maturing member base, obfuscation of profitability metrics and accelerating dilution stemming from aggressive stock compensation.",
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      "text": "Spruce Point believes current sell-side analyst price targets are wildly optimistic, with all but one analyst recommending buying the stock.",
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      "text": "Recommendation Mix pie chart showing 80% Buy and 20% Neutral",
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      "text": "Price Target: $47.00",
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      "kind": "source-note",
      "text": "Source: Bloomberg. Note: Goldman Sachs was a IPO bookrunner and dropped coverage. Based on closing price of $33.43 per share",
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      "text": "Analyst, Recommendation, Price Target table showing JP Morgan, Berenberg, Jefferies, Truist, KeyBanc, SVB Securities",
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      "kind": "title",
      "text": "Few Skeptics And Aggressive Upside Estimates",
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