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

Paragon 28, Inc. (NYSE:FNA) gapped up before the market opened 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 for the quarter, beating the consensus estimate 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 business had revenue of $62.30 million for the quarter, compared to the consensus estimate of $60.58 million. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. The business’s quarterly revenue was up 18.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FNA. 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. Piper Sandler restated an “overweight” rating and set a $12.00 target price (down previously from $15.00) on shares of Paragon 28 in a research report on Friday, August 9th. Finally, Needham & Company LLC lifted their target price on shares of Paragon 28 from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $15.60.

Hedge Funds Weigh In On Paragon 28

Institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC raised 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 valued at $32,000 after buying an additional 4,666 shares during the last quarter. Levin Capital Strategies L.P. purchased a new stake in Paragon 28 in the second quarter valued at approximately $68,000. Intech Investment Management LLC purchased a new stake in Paragon 28 in the third quarter valued at approximately $70,000. Ballentine Partners LLC purchased a new stake in Paragon 28 in the third quarter valued at approximately $91,000. Finally, Creative Planning purchased a new stake in Paragon 28 in the third quarter valued at approximately $91,000. Institutional investors and hedge funds own 63.57% of the company’s stock.

Paragon 28 Trading Up 33.9 %

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

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.