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- 1 PGR stock price showed a bearish market trend after the release of its Q2 2023 earnings and revenue report.
- 2 PGR share price almost reached its oversold zone while noting an increased bears dominance.
Progressive Corp. (PGR) stock price showed a bearish market trend due to which its weekly price analysis showed an over 8% price decline. Notably, on July 13, 2023, Progressive Corp. released its second quarter (Q2) 2023 earnings and revenue report, and after that, its price slid down from nearly $130.31 to $112.00. This price decline clearly showed almost 13% of the price drop in PGR stock price.
PGR Stock Price Analysis
In the recent 5-days of trading session, Progressive Corp. (NYSE: PGR) stock price traded in between $132.99 to $112.48, while it lost almost $13.18. Meanwhile, on July 18, 2023, Tuesday’s trading session, the stock opened at $121.22, gave high at $122.25 while low was at $119.63. In the intraday trading session, the price decline was 1.75%, as per the data sourced from TradingView, a web-based social network for traders.
As shown in the above price analysis, the RSI of the stock dropped down, which led it near to its oversold zone. With a downward trend and bears dominance, PGR stock price seems to be losing investors’ interest. Moreover, it can be said the negative earnings and revenue report has somewhere supported the PGR stock price to note the downside trend.
The 1-year price target that the analysts have set is showing at $140.88, which is up over 17% from the recent closing price of stock. Their maximum price estimate also shows at $208.00 while the minimum estimate is at $103.00. In the past three months, analysts have given a “buy” rating to Progressive Corporation.
The Fundamentals of Progressive Corp.
Progressive Corp. (NYSE: PGR), an American insurance company, has a market cap of nearly $71.38 Billion. The company’s net income of Q2 2023 is $345.40 Million, and as the PGR dividends are paid quarterly, its last dividend per share was $0.10. As of now, its Dividend Yield (TTM)% is 0.33%.
According to its Q2 2023 report, the company’s earnings per share (EPS) is $0.40 while the estimate was $0.83, which accounts for a negative 51.90% surprise. The revenue for the same period reported by the company was $14.72 Billion while the minimum estimate was $15.02 Billion. The estimated EPS for the next quarter is $1.38, and revenue is expected to reach $15.35 Billion.
In 2022, the revenue of Progressive Corp. reached $51.08 Billion, where nearly $37.88 Billion came from its highest performing source at the moment, Personal Lines.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
