Paragon 28 (NYSE:FNA) Shares Gap Up – Here’s What Happened

Paragon 28, Inc. (NYSE:FNA)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $12.00, but opened at $13.11. Paragon 28 shares last traded at $13.03, with a volume of 6,266,980 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently commented on FNA. William Blair downgraded Paragon 28 from an “outperform” rating to a “market perform” rating in a research note on Wednesday. Canaccord Genuity Group decreased their price objective on Paragon 28 from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Needham & Company LLC reiterated a “hold” rating and issued a $13.00 target price on shares of Paragon 28 in a report on Wednesday. Finally, Stephens upgraded shares of Paragon 28 to a “strong-buy” rating in a research note on Monday, December 2nd. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.60.

Paragon 28 Price Performance

The firm has a market capitalization of $1.09 billion, a P/E ratio of -17.59 and a beta of 1.50. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.60 and a current ratio of 3.50. The business has a 50 day simple moving average of $10.48 and a two-hundred day simple moving average of $8.35.

Paragon 28 (NYSE:FNA) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.01. The company had revenue of $62.30 million during the quarter, compared to analysts’ expectations of $60.58 million. Paragon 28 had a negative net margin of 25.31% and a negative return on equity of 37.90%. The firm’s revenue was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.10) EPS. On average, sell-side analysts expect that Paragon 28, Inc. will post -0.64 EPS for the current fiscal year.

Insider Buying and Selling at Paragon 28

In related news, major shareholder Mvm Partners, Llc sold 72,133 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $10.16, for a total value of $732,871.28. Following the sale, the insider now directly owns 10,559,065 shares of the company’s stock, valued at $107,280,100.40. This represents a 0.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 273,050 shares of company stock valued at $2,819,696. 15.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FNA. State Street Corp grew its holdings in shares of Paragon 28 by 2.6% during the third quarter. State Street Corp now owns 1,563,331 shares of the company’s stock valued at $10,443,000 after buying an additional 39,075 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Paragon 28 by 2.5% in the third quarter. Geode Capital Management LLC now owns 967,519 shares of the company’s stock worth $6,464,000 after purchasing an additional 23,167 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Paragon 28 by 2,141.7% during the third quarter. JPMorgan Chase & Co. now owns 784,878 shares of the company’s stock valued at $5,243,000 after purchasing an additional 749,865 shares in the last quarter. Millennium Management LLC boosted its position in shares of Paragon 28 by 5,834.0% during the second quarter. Millennium Management LLC now owns 725,489 shares of the company’s stock valued at $4,962,000 after buying an additional 713,263 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in Paragon 28 by 7.0% in the 3rd quarter. Wellington Management Group LLP now owns 694,799 shares of the company’s stock worth $4,641,000 after buying an additional 45,215 shares in the last quarter. Hedge funds and other 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.