Paragon 28 (NYSE:FNA) Price Target Cut to $11.00

Paragon 28 (NYSE:FNA) had its target price reduced by analysts at Needham & Company LLC from $14.00 to $11.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 65.66% from the stock’s current price.

Other research analysts have also recently issued reports about the company. JMP Securities reduced their price objective on Paragon 28 from $23.00 to $20.00 and set a “market outperform” rating for the company in a research note on Thursday, May 9th. Piper Sandler restated an “overweight” rating and issued a $15.00 price objective (down from $18.00) on shares of Paragon 28 in a research note on Thursday, May 9th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $15.25.

Paragon 28 Stock Down 20.1 %

Paragon 28 stock traded down $1.67 during midday trading on Friday, reaching $6.64. The company’s stock had a trading volume of 2,044,191 shares, compared to its average volume of 646,397. The stock’s 50-day simple moving average is $7.20 and its 200-day simple moving average is $9.47. The company has a debt-to-equity ratio of 0.67, a current ratio of 3.57 and a quick ratio of 1.78. Paragon 28 has a 52-week low of $5.55 and a 52-week high of $15.37. The stock has a market capitalization of $550.79 million, a P/E ratio of -10.22 and a beta of 0.99.

Paragon 28 (NYSE:FNA) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.17) EPS for the quarter, meeting analysts’ consensus estimates of ($0.17). Paragon 28 had a negative return on equity of 27.72% and a negative net margin of 24.45%. The company had revenue of $61.02 million during the quarter, compared to analysts’ expectations of $60.08 million. During the same period last year, the business posted ($0.13) earnings per share. The firm’s revenue was up 19.6% compared to the same quarter last year. On average, sell-side analysts expect that Paragon 28 will post -0.58 EPS for the current year.

Institutional Trading of Paragon 28

Several institutional investors have recently bought and sold shares of the business. MVM Partners LLC acquired a new stake in Paragon 28 in the fourth quarter valued at approximately $134,879,000. First Light Asset Management LLC grew its holdings in Paragon 28 by 39.4% in the fourth quarter. First Light Asset Management LLC now owns 3,817,794 shares of the company’s stock valued at $47,455,000 after purchasing an additional 1,079,916 shares during the period. Vanguard Group Inc. grew its holdings in Paragon 28 by 2.7% in the first quarter. Vanguard Group Inc. now owns 2,106,217 shares of the company’s stock valued at $26,012,000 after purchasing an additional 55,851 shares during the period. Janus Henderson Group PLC grew its holdings in 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, Peregrine Capital Management LLC acquired a new stake in shares of Paragon 28 in the second quarter worth approximately $3,351,000. 63.57% of the stock is 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.