Paragon 28 (NYSE:FNA) Shares Gap Up on Strong Earnings

Paragon 28, Inc. (NYSE:FNA)’s share price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $7.50, but opened at $8.17. Paragon 28 shares last traded at $10.60, with a volume of 428,065 shares changing hands.

The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.01. Paragon 28 had a negative net margin of 24.64% and a negative return on equity of 32.39%. The firm had revenue of $62.30 million during the quarter, compared to the consensus estimate of $60.58 million. During the same period in the previous year, the firm earned ($0.10) earnings per share. Paragon 28’s revenue was up 18.0% compared to the same quarter last year.

Analysts Set New Price Targets

Several research firms have issued reports on FNA. Needham & Company LLC boosted their price objective on shares of Paragon 28 from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday. Canaccord Genuity Group decreased 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 note on Wednesday. Finally, Piper Sandler restated an “overweight” rating and issued a $12.00 target price (down from $15.00) on shares of Paragon 28 in a research note on Friday, August 9th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Paragon 28 has a consensus rating of “Buy” and an average price target of $15.60.

Institutional Trading of Paragon 28

Several institutional investors have recently added to or reduced their stakes in FNA. Nisa Investment Advisors LLC raised its holdings in Paragon 28 by 46,660.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,676 shares of the company’s stock valued at $32,000 after acquiring an additional 4,666 shares in the last quarter. Levin Capital Strategies L.P. acquired a new stake in Paragon 28 in the second quarter valued at $68,000. Intech Investment Management LLC acquired a new stake in Paragon 28 in the third quarter valued at $70,000. Ballentine Partners LLC acquired a new stake in Paragon 28 in the third quarter valued at $91,000. Finally, Creative Planning acquired a new stake in Paragon 28 in the third quarter valued at $91,000. 63.57% of the stock is owned by institutional investors and hedge funds.

Paragon 28 Stock Up 33.9 %

The stock has a market capitalization of $838.74 million, a price-to-earnings ratio of -14.55 and a beta of 1.01. The firm’s fifty day moving average is $6.29 and its 200-day moving average is $7.20. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.57 and a quick ratio of 1.70.

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.