Paragon 28 (NYSE:FNA) Shares Gap Up After Earnings Beat

Paragon 28, Inc. (NYSE:FNA)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. 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 trading hands.

The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.01. The company had revenue of $62.30 million for the quarter, compared to analysts’ expectations of $60.58 million. Paragon 28 had a negative return on equity of 36.84% and a negative net margin of 25.31%. Paragon 28’s revenue was up 18.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.10) earnings per share.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FNA. Piper Sandler reissued an “overweight” rating and set a $12.00 price target (down previously from $15.00) on shares of Paragon 28 in a report on Friday, August 9th. Needham & Company LLC raised their target price on shares of Paragon 28 from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Canaccord Genuity Group lowered their price target on shares of Paragon 28 from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Paragon 28 presently has an average rating of “Buy” and a consensus target price of $15.60.

Hedge Funds Weigh In On Paragon 28

Several hedge funds have recently modified their holdings of FNA. Nisa Investment Advisors LLC increased its position in shares of Paragon 28 by 46,660.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,676 shares of the company’s stock valued at $32,000 after purchasing an additional 4,666 shares during the last quarter. Levin Capital Strategies L.P. purchased a new position in Paragon 28 during the 2nd quarter valued at about $68,000. Intech Investment Management LLC purchased a new position in Paragon 28 during the third quarter valued at approximately $70,000. Ballentine Partners LLC purchased a new stake in shares of Paragon 28 during the 3rd quarter worth $91,000. Finally, Creative Planning purchased a new position in Paragon 28 in the third quarter valued at about $91,000. Hedge funds and other institutional investors own 63.57% of the company’s stock.

Paragon 28 Stock Performance

The business’s 50-day moving average price is $6.32 and its 200-day moving average price is $7.22. 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 stock has a market cap of $810.34 million, a PE ratio of -14.36 and a beta of 1.01.

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.