Paragon 28 (NYSE:FNA) Shares Down 7.7% - Here's What Happened

Shares of Paragon 28, Inc. (NYSE:FNA - Get Free Report) were down 7.7% on Tuesday . The stock traded as low as $9.91 and last traded at $9.91. Approximately 110,816 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 507,912 shares. The stock had previously closed at $10.74.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FNA. Stephens upgraded shares of Paragon 28 to a "strong-buy" rating in a research note on Monday, December 2nd. Needham & Company LLC reiterated a "buy" rating and issued a $13.00 price target on shares of Paragon 28 in a report on Monday. Finally, Canaccord Genuity Group cut their price objective on shares of Paragon 28 from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Paragon 28 currently has a consensus rating of "Buy" and an average target price of $15.60.

Paragon 28 Stock Down 4.1 %

The company has a current ratio of 3.50, a quick ratio of 1.60 and a debt-to-equity ratio of 0.79. The business's 50-day simple moving average is $9.90 and its 200-day simple moving average is $8.02. The company has a market capitalization of $862.32 million, a PE ratio of -13.92 and a beta of 1.50.

Paragon 28 (NYSE:FNA - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.01. The firm 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% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) earnings per share. As a group, equities research analysts anticipate that Paragon 28, Inc. will post -0.66 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Mvm Partners, Llc sold 72,133 shares of Paragon 28 stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $10.16, for a total value of $732,871.28. Following the completion of the transaction, the insider now owns 10,559,065 shares in the company, valued at $107,280,100.40. The trade was a 0.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 252,914 shares of company stock valued at $2,585,514 in the last quarter. 15.32% of the stock is currently owned by company insiders.

Institutional Trading of Paragon 28

A number of hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its holdings 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 worth $178,000 after buying an additional 2,142 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Paragon 28 by 6.0% during the 2nd quarter. Rhumbline Advisers now owns 65,727 shares of the company's stock worth $450,000 after purchasing an additional 3,720 shares during the period. Commerce Bank increased its position in shares of Paragon 28 by 28.5% during the 3rd quarter. Commerce Bank now owns 18,350 shares of the company's stock worth $123,000 after purchasing an additional 4,075 shares during the last quarter. Algert Global LLC raised its holdings in Paragon 28 by 12.0% in the 2nd 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 during the period. Finally, XTX Topco Ltd raised its holdings in Paragon 28 by 36.4% in the 2nd quarter. XTX Topco Ltd now owns 22,335 shares of the company's stock valued at $153,000 after buying an additional 5,963 shares during the period. Institutional investors and hedge funds own 63.57% of the company's stock.

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.