Millennium Management LLC Acquires 713,263 Shares of Paragon 28, Inc. (NYSE:FNA)

Millennium Management LLC lifted its holdings in shares of Paragon 28, Inc. (NYSE:FNA) by 5,834.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 725,489 shares of the company’s stock after purchasing an additional 713,263 shares during the period. Millennium Management LLC’s holdings in Paragon 28 were worth $4,962,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. First Light Asset Management LLC raised its stake in Paragon 28 by 115.0% in the 2nd quarter. First Light Asset Management LLC now owns 8,174,832 shares of the company’s stock valued at $55,916,000 after acquiring an additional 4,371,864 shares during the period. Peregrine Capital Management LLC bought a new stake in Paragon 28 in the 2nd quarter valued at about $3,351,000. Wellington Management Group LLP bought a new stake in Paragon 28 in the 4th quarter valued at about $5,824,000. Janus Henderson Group PLC raised its stake in Paragon 28 by 29.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,199,819 shares of the company’s stock valued at $14,818,000 after acquiring an additional 273,077 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in Paragon 28 by 15.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,021,188 shares of the company’s stock valued at $6,986,000 after acquiring an additional 135,911 shares during the period. 63.57% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Piper Sandler reiterated an “overweight” rating and set a $12.00 price target (down from $15.00) on shares of Paragon 28 in a research report on Friday, August 9th. Needham & Company LLC decreased their price target on Paragon 28 from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Friday, August 9th.

Paragon 28 Stock Up 7.2 %

Shares of NYSE FNA opened at $5.72 on Friday. Paragon 28, Inc. has a 12 month low of $4.84 and a 12 month high of $14.79. The company has a current ratio of 3.57, a quick ratio of 1.70 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $477.43 million, a price-to-earnings ratio of -8.17 and a beta of 0.97. The business has a 50-day moving average of $7.21 and a 200-day moving average of $7.97.

Paragon 28 (NYSE:FNA) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.17) EPS for the quarter, hitting the consensus estimate of ($0.17). Paragon 28 had a negative return on equity of 32.39% and a negative net margin of 24.64%. The company had revenue of $61.02 million during the quarter, compared to analyst estimates of $60.08 million. During the same quarter in the previous year, the firm earned ($0.13) earnings per share. Paragon 28’s revenue was up 19.6% on a year-over-year basis. Sell-side analysts expect that Paragon 28, Inc. will post -0.68 earnings per share for the current fiscal year.

Paragon 28 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.