Paragon 28 (NYSE:FNA) Stock Price Down 7.7% – Here’s What Happened

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $13.00 price objective on shares of Paragon 28 in a report on Monday. Canaccord Genuity Group cut their target price on shares of Paragon 28 from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Finally, Stephens raised shares of Paragon 28 to a “strong-buy” rating in a research note on Monday, December 2nd. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $15.60.

Paragon 28 Stock Up 3.4 %

The firm has a market cap of $887.18 million, a PE ratio of -14.32 and a beta of 1.50. The business’s 50 day moving average price is $10.04 and its 200 day moving average price is $8.06. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.50 and a quick ratio of 1.60.

Paragon 28 (NYSE:FNA) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.01. The firm had revenue of $62.30 million for the quarter, compared to analyst estimates of $60.58 million. Paragon 28 had a negative net margin of 25.31% and a negative return on equity of 37.90%. Paragon 28’s quarterly revenue was up 18.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.10) earnings per share. On average, equities research analysts expect that Paragon 28, Inc. will post -0.66 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Mvm Partners, Llc sold 18,109 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $10.14, for a total transaction of $183,625.26. Following the transaction, the insider now directly owns 10,481,851 shares in the company, valued at approximately $106,285,969.14. The trade was a 0.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 252,914 shares of company stock worth $2,585,514. 15.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Paragon 28

Several institutional investors and hedge funds have recently bought and sold shares of the company. Ballentine Partners LLC boosted its holdings in Paragon 28 by 15.0% in the 4th quarter. Ballentine Partners LLC now owns 15,630 shares of the company’s stock valued at $161,000 after purchasing an additional 2,043 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Paragon 28 by 2,141.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 784,878 shares of the company’s stock valued at $5,243,000 after purchasing an additional 749,865 shares during the last quarter. Barclays PLC boosted its holdings in Paragon 28 by 180.6% in the 3rd quarter. Barclays PLC now owns 84,812 shares of the company’s stock valued at $567,000 after purchasing an additional 54,591 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Paragon 28 by 2.5% in the 3rd quarter. Geode Capital Management LLC now owns 967,519 shares of the company’s stock valued at $6,464,000 after purchasing an additional 23,167 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in Paragon 28 by 7.0% in the 3rd quarter. Wellington Management Group LLP now owns 694,799 shares of the company’s stock valued at $4,641,000 after purchasing an additional 45,215 shares during the last quarter. 63.57% of the stock is currently owned by institutional investors and hedge funds.

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.