Paragon 28, Inc. (NYSE:FNA) Sees Significant Increase in Short Interest

Paragon 28, Inc. (NYSE:FNA) saw a large increase in short interest in June. As of June 15th, there was short interest totalling 5,300,000 shares, an increase of 14.0% from the May 31st total of 4,650,000 shares. Currently, 14.3% of the company’s stock are short sold. Based on an average trading volume of 720,500 shares, the days-to-cover ratio is currently 7.4 days.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FNA shares. JMP Securities lowered their target price on Paragon 28 from $23.00 to $20.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 9th. Piper Sandler reissued an “overweight” rating and issued a $15.00 price target (down previously from $18.00) on shares of Paragon 28 in a research note on Thursday, May 9th. Stephens reaffirmed an “overweight” rating and set a $18.00 price objective on shares of Paragon 28 in a research report on Friday, April 5th. Finally, Needham & Company LLC decreased their target price on shares of Paragon 28 from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, May 9th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $16.75.

Institutional Trading of Paragon 28

Several large investors have recently modified their holdings of FNA. PNC Financial Services Group Inc. bought a new stake in Paragon 28 during the fourth quarter valued at about $25,000. HighMark Wealth Management LLC acquired a new position in shares of Paragon 28 during the 4th quarter worth about $99,000. Price T Rowe Associates Inc. MD boosted its stake in Paragon 28 by 16.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,622 shares of the company’s stock valued at $156,000 after purchasing an additional 1,766 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Paragon 28 by 26.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,886 shares of the company’s stock valued at $173,000 after buying an additional 2,902 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new position in Paragon 28 in the 4th quarter worth approximately $249,000. 63.57% of the stock is owned by institutional investors.

Paragon 28 Stock Down 1.8 %

Shares of FNA traded down $0.12 during trading hours on Wednesday, hitting $6.50. 51,314 shares of the company were exchanged, compared to its average volume of 614,631. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.78 and a current ratio of 3.57. The firm’s 50 day moving average is $7.65 and its 200-day moving average is $10.27. Paragon 28 has a 52 week low of $5.55 and a 52 week high of $18.50.

Paragon 28 (NYSE:FNA) last posted its earnings results on Wednesday, May 8th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.07). Paragon 28 had a negative return on equity of 27.72% and a negative net margin of 24.45%. The company had revenue of $61.08 million during the quarter. As a group, equities analysts forecast that Paragon 28 will post -0.58 EPS for the current year.

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.