Paragon 28 (NYSE:FNA) Shares Gap Down on Disappointing Earnings

Paragon 28, Inc. (NYSE:FNA)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $8.31, but opened at $7.91. Paragon 28 shares last traded at $7.04, with a volume of 168,170 shares trading hands.

The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.02). Paragon 28 had a negative net margin of 24.45% and a negative return on equity of 27.72%. The business had revenue of $61.02 million for the quarter, compared to analysts’ expectations of $60.08 million. During the same quarter in the previous year, the company earned ($0.13) earnings per share. The business’s quarterly revenue was up 19.6% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. JMP Securities dropped their target price on shares of Paragon 28 from $23.00 to $20.00 and set a “market outperform” rating for the company in a report on Thursday, May 9th. Needham & Company LLC dropped their target price on shares of Paragon 28 from $14.00 to $11.00 and set a “buy” rating for the company in a report on Friday. Finally, Piper Sandler reiterated an “overweight” rating and set a $12.00 target price (down from $15.00) on shares of Paragon 28 in a report on Friday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $15.25.

Institutional Trading of Paragon 28

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Paragon 28 by 12.2% in the third quarter. Vanguard Group Inc. now owns 2,001,692 shares of the company’s stock worth $25,121,000 after buying an additional 217,246 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Paragon 28 by 26.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,886 shares of the company’s stock worth $173,000 after buying an additional 2,902 shares during the period. Roubaix Capital LLC lifted its holdings in Paragon 28 by 6.9% in the fourth quarter. Roubaix Capital LLC now owns 221,678 shares of the company’s stock worth $2,755,000 after buying an additional 14,290 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Paragon 28 in the fourth quarter worth about $875,000. Finally, GW&K Investment Management LLC purchased a new stake in Paragon 28 in the fourth quarter worth about $3,447,000. 63.57% of the stock is currently owned by hedge funds and other institutional investors.

Paragon 28 Stock Down 19.7 %

The company’s fifty day simple moving average is $7.22 and its 200 day simple moving average is $9.53. The firm has a market capitalization of $553.28 million, a PE ratio of -10.92 and a beta of 0.99. The company has a quick ratio of 1.78, a current ratio of 3.57 and a debt-to-equity ratio of 0.67.

About Paragon 28

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.