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

Paragon 28, Inc. (NYSE:FNA - Get Free Report) gapped up before the market opened on Wednesday following a better than expected earnings announcement. 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.

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

Analysts Set New Price Targets

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

Institutional Trading of Paragon 28

Several hedge funds have recently made changes to their positions in the company. First Light Asset Management LLC boosted its stake in shares of Paragon 28 by 115.0% in the second quarter. First Light Asset Management LLC now owns 8,174,832 shares of the company's stock valued at $55,916,000 after buying an additional 4,371,864 shares in the last quarter. Millennium Management LLC grew its stake in shares of Paragon 28 by 5,834.0% during the 2nd quarter. Millennium Management LLC now owns 725,489 shares of the company's stock worth $4,962,000 after purchasing an additional 713,263 shares during the period. Peregrine Capital Management LLC purchased a new position in shares of Paragon 28 in the 2nd quarter valued at about $3,351,000. Janus Henderson Group PLC lifted its stake in shares of Paragon 28 by 29.5% in the first quarter. Janus Henderson Group PLC now owns 1,199,819 shares of the company's stock valued at $14,818,000 after purchasing an additional 273,077 shares during the period. Finally, Thrivent Financial for Lutherans boosted its holdings in Paragon 28 by 15.4% during the second quarter. Thrivent Financial for Lutherans now owns 1,021,188 shares of the company's stock worth $6,986,000 after buying an additional 135,911 shares in the last quarter. Institutional investors and hedge funds own 63.57% of the company's stock.

Paragon 28 Trading Up 37.3 %

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 business's fifty day moving average is $6.28 and its 200 day moving average is $7.19.

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.