Point72 Asset Management L.P. Reduces Stock Position in Paragon 28, Inc. (NYSE:FNA)

Point72 Asset Management L.P. decreased its stake in Paragon 28, Inc. (NYSE:FNA - Free Report) by 49.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 403,711 shares of the company's stock after selling 399,732 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.49% of Paragon 28 worth $2,761,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Algert Global LLC increased its holdings in Paragon 28 by 12.0% in the second quarter. Algert Global LLC now owns 38,793 shares of the company's stock valued at $265,000 after buying an additional 4,157 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Paragon 28 by 9.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,992 shares of the company's stock valued at $178,000 after acquiring an additional 2,142 shares during the period. Millennium Management LLC increased its stake in shares of Paragon 28 by 5,834.0% in the 2nd quarter. Millennium Management LLC now owns 725,489 shares of the company's stock valued at $4,962,000 after purchasing an additional 713,263 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Paragon 28 by 87.9% in the 2nd quarter. Squarepoint Ops LLC now owns 129,576 shares of the company's stock worth $886,000 after purchasing an additional 60,628 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in Paragon 28 during the second quarter worth approximately $869,000. 63.57% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently commented on FNA shares. Needham & Company LLC cut their price objective on Paragon 28 from $14.00 to $11.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Piper Sandler reissued an "overweight" rating and issued a $12.00 price target (down previously from $15.00) on shares of Paragon 28 in a report on Friday, August 9th.

Paragon 28 Price Performance

NYSE:FNA traded down $0.29 during trading hours on Thursday, hitting $5.66. 395,253 shares of the stock were exchanged, compared to its average volume of 598,352. The firm's fifty day moving average price is $7.56 and its 200 day moving average price is $8.12. Paragon 28, Inc. has a 52-week low of $5.55 and a 52-week high of $14.79. The company has a market cap of $469.50 million, a P/E ratio of -8.92 and a beta of 1.00. The company has a current ratio of 3.57, a quick ratio of 1.70 and a debt-to-equity ratio of 0.75.

Paragon 28 (NYSE:FNA - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.17) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.17). The firm had revenue of $61.02 million for the quarter, compared to analyst estimates of $60.08 million. Paragon 28 had a negative return on equity of 32.39% and a negative net margin of 24.64%. The business's revenue was up 19.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.13) earnings per share. As a group, equities research analysts anticipate that Paragon 28, Inc. will post -0.69 EPS for the current fiscal year.

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.