Paragon 28 (NYSE:FNA) Stock Price Down 4.7% – Here’s Why

Paragon 28, Inc. (NYSE:FNA) dropped 4.7% during mid-day trading on Wednesday . The company traded as low as $9.96 and last traded at $10.01. Approximately 191,257 shares traded hands during trading, a decline of 69% from the average daily volume of 610,097 shares. The stock had previously closed at $10.50.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Piper Sandler reiterated an “overweight” rating and issued a $12.00 price target (down from $15.00) on shares of Paragon 28 in a research note on Friday, August 9th. Canaccord Genuity Group cut their target price on shares of Paragon 28 from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Finally, Needham & Company LLC increased their price target on Paragon 28 from $11.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Paragon 28 presently has an average rating of “Buy” and an average target price of $15.60.

Paragon 28 Stock Down 0.1 %

The company has a current ratio of 3.50, a quick ratio of 1.60 and a debt-to-equity ratio of 0.79. The stock has a market cap of $872.36 million, a P/E ratio of -14.09 and a beta of 1.01. The company’s 50 day moving average price is $6.66 and its two-hundred day moving average price is $7.25.

Paragon 28 (NYSE:FNA) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.01. Paragon 28 had a negative net margin of 25.31% and a negative return on equity of 37.90%. The business had revenue of $62.30 million for the quarter, compared to the consensus estimate of $60.58 million. During the same period last year, the firm earned ($0.10) earnings per share. The company’s quarterly revenue was up 18.0% on a year-over-year basis. Equities analysts forecast that Paragon 28, Inc. will post -0.66 earnings per share for the current year.

Hedge Funds Weigh In On Paragon 28

Institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss National Bank raised its stake in shares of Paragon 28 by 12.7% in the first quarter. Swiss National Bank now owns 73,400 shares of the company’s stock worth $906,000 after buying an additional 8,300 shares during the period. Vanguard Group Inc. increased its holdings in Paragon 28 by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 2,106,217 shares of the company’s stock worth $26,012,000 after acquiring an additional 55,851 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Paragon 28 by 16.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,622 shares of the company’s stock worth $156,000 after acquiring an additional 1,766 shares during the period. Janus Henderson Group PLC lifted its holdings in Paragon 28 by 29.5% during the first quarter. Janus Henderson Group PLC now owns 1,199,819 shares of the company’s stock valued at $14,818,000 after purchasing an additional 273,077 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Paragon 28 by 46,660.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,676 shares of the company’s stock worth $32,000 after purchasing an additional 4,666 shares during the period. 63.57% of the stock is currently owned by hedge funds and other institutional investors.

Paragon 28 Company Profile

Paragon 28, Inc develops, distributes, and sells foot and ankle surgical systems in the United States and internationally. It offers plating systems, including gorilla plating systems, such as lisfranc, lapidus, lateral column, calcaneus slide, and naviculocuneiform (NC) fusion plating systems; baby gorilla plate-specific screws, navicular fracture plates, and 5th metatarsal hook plates; and silverback plating systems.