Short Interest in Paragon 28, Inc. (NYSE:FNA) Decreases By 33.3%

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

Paragon 28 Stock Performance

Paragon 28 stock traded up $0.32 during mid-day trading on Friday, reaching $10.31. 340,834 shares of the company were exchanged, compared to its average volume of 849,226. The firm has a market cap of $863.15 million, a PE ratio of -13.93 and a beta of 1.01. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.60 and a current ratio of 3.50. The firm’s 50-day simple moving average is $7.02 and its two-hundred day simple moving average is $7.29. Paragon 28 has a twelve month low of $4.65 and a twelve month high of $14.79.

Paragon 28 (NYSE:FNA) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.15) earnings per share for the quarter, beating 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 last year, the firm posted ($0.10) EPS. Equities analysts predict that Paragon 28 will post -0.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Activity

In other news, major shareholder Mvm Partners, Llc sold 4,256 shares of Paragon 28 stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $10.00, for a total value of $42,560.00. Following the completion of the transaction, the insider now owns 10,499,960 shares in the company, valued at approximately $104,999,600. This trade represents a 0.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 234,805 shares of company stock valued at $2,401,889. 15.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Paragon 28

A number of hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its stake in Paragon 28 by 29.5% in the 1st 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 in the last quarter. Millennium Management LLC grew its stake in Paragon 28 by 5,834.0% in the 2nd quarter. Millennium Management LLC now owns 725,489 shares of the company’s stock valued at $4,962,000 after acquiring an additional 713,263 shares during the last quarter. GSA Capital Partners LLP purchased a new position in Paragon 28 during the 3rd quarter valued at about $386,000. First Light Asset Management LLC raised its position in Paragon 28 by 115.0% during the second quarter. First Light Asset Management LLC now owns 8,174,832 shares of the company’s stock worth $55,916,000 after acquiring an additional 4,371,864 shares during the last quarter. Finally, Peregrine Capital Management LLC acquired a new stake in shares of Paragon 28 in the second quarter valued at approximately $3,351,000. Institutional investors and hedge funds own 63.57% of the company’s stock.

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.