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

Paragon 28, Inc. (NYSE:FNA) was the target of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 4,520,000 shares, a decrease of 33.3% from the October 31st total of 6,780,000 shares. Approximately 11.7% of the company’s stock are short sold. Based on an average trading volume of 559,500 shares, the short-interest ratio is currently 8.1 days.

Insiders Place Their Bets

In other Paragon 28 news, major shareholder Mvm Partners, Llc sold 147,581 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $10.28, for a total transaction of $1,517,132.68. Following the completion of the sale, the insider now owns 10,738,564 shares in the company, valued at approximately $110,392,437.92. The trade was a 1.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 230,549 shares of company stock worth $2,359,329. Corporate insiders own 15.32% of the company’s stock.

Institutional Investors Weigh In On Paragon 28

Several institutional investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC raised its position in shares of Paragon 28 by 46,660.0% in the second quarter. Nisa Investment Advisors LLC now owns 4,676 shares of the company’s stock valued at $32,000 after purchasing an additional 4,666 shares during the period. Levin Capital Strategies L.P. purchased a new position in Paragon 28 in the 2nd quarter valued at approximately $68,000. Intech Investment Management LLC bought a new stake in Paragon 28 during the 3rd quarter valued at $70,000. Ballentine Partners LLC purchased a new stake in shares of Paragon 28 during the third quarter worth $91,000. Finally, Creative Planning bought a new position in shares of Paragon 28 in the third quarter worth $91,000. 63.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FNA. Needham & Company LLC boosted their target price on shares of Paragon 28 from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Piper Sandler restated an “overweight” rating and issued a $12.00 target price (down previously from $15.00) on shares of Paragon 28 in a research note on Friday, August 9th. Finally, Canaccord Genuity Group decreased their price target on Paragon 28 from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $15.60.

Paragon 28 Trading Up 0.1 %

NYSE:FNA opened at $9.99 on Friday. Paragon 28 has a 12 month low of $4.65 and a 12 month high of $14.79. 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 firm’s 50 day moving average is $6.95 and its 200 day moving average is $7.28. The stock has a market capitalization of $836.36 million, a PE ratio of -13.50 and a beta of 1.01.

Paragon 28 (NYSE:FNA) last issued its earnings results on Tuesday, November 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 37.90% and a negative net margin of 25.31%. The business’s revenue was up 18.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.10) earnings per share. Sell-side analysts expect that Paragon 28 will post -0.66 earnings per share for the current 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.