Paragon 28, Inc. (NYSE:FNA) Sees Significant Growth in Short Interest

Paragon 28, Inc. (NYSE:FNA) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 5,300,000 shares, an increase of 14.0% from the May 31st total of 4,650,000 shares. Approximately 14.3% of the shares of the company are short sold. Based on an average daily trading volume, of 720,500 shares, the days-to-cover ratio is currently 7.4 days.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. JMP Securities dropped their price objective on shares of Paragon 28 from $23.00 to $20.00 and set a “market outperform” rating on the stock in a report on Thursday, May 9th. Piper Sandler restated an “overweight” rating and set a $15.00 price target (down from $18.00) on shares of Paragon 28 in a research note on Thursday, May 9th. Needham & Company LLC cut their price objective on shares of Paragon 28 from $17.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, May 9th. Finally, Stephens reissued an “overweight” rating and set a $18.00 target price on shares of Paragon 28 in a report on Friday, April 5th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Paragon 28 currently has a consensus rating of “Buy” and an average target price of $16.75.

Paragon 28 Trading Down 0.9 %

Shares of FNA traded down $0.06 during midday trading on Wednesday, hitting $6.56. 60,370 shares of the company traded hands, compared to its average volume of 614,663. Paragon 28 has a one year low of $5.55 and a one year high of $18.50. The company has a current ratio of 3.57, a quick ratio of 1.78 and a debt-to-equity ratio of 0.67. The stock has a 50-day moving average of $7.65 and a 200-day moving average of $10.27.

Paragon 28 (NYSE:FNA) last posted its earnings results on Wednesday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.07). Paragon 28 had a negative return on equity of 27.72% and a negative net margin of 24.45%. The firm had revenue of $61.08 million for the quarter. As a group, research analysts anticipate that Paragon 28 will post -0.58 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC increased its position in shares of Paragon 28 by 29.5% in the first quarter. Janus Henderson Group PLC now owns 1,199,819 shares of the company’s stock worth $14,818,000 after purchasing an additional 273,077 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Paragon 28 by 16.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,622 shares of the company’s stock worth $156,000 after buying an additional 1,766 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of 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 buying an additional 55,851 shares during the last quarter. Inspire Investing LLC purchased a new stake in shares of Paragon 28 during the 1st quarter valued at $361,000. Finally, Swiss National Bank lifted its holdings in shares of Paragon 28 by 12.7% during the 1st quarter. Swiss National Bank now owns 73,400 shares of the company’s stock worth $906,000 after acquiring an additional 8,300 shares during the last quarter. Institutional investors own 63.57% of the company’s stock.

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.