Paragon 28, Inc. (NYSE:FNA) Short Interest Down 33.3% in November

Paragon 28, Inc. (NYSE:FNA) was the recipient of a significant decline in short interest during the month of 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. Approximately 11.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 559,500 shares, the days-to-cover ratio is currently 8.1 days.

Analysts Set New Price Targets

FNA has been the subject of a number of research reports. Needham & Company LLC raised their price objective on shares of Paragon 28 from $11.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Canaccord Genuity Group dropped their price target 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, Piper Sandler reissued an “overweight” rating and issued a $12.00 price objective (down previously from $15.00) on shares of Paragon 28 in a research note on Friday, August 9th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Paragon 28 has an average rating of “Buy” and an average target price of $15.60.

Paragon 28 Stock Performance

NYSE:FNA opened at $9.99 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.60 and a current ratio of 3.50. Paragon 28 has a fifty-two week low of $4.65 and a fifty-two week high of $14.79. The company has a 50 day simple moving average of $6.95 and a two-hundred day simple moving average of $7.28. The company 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 announced its 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 business had revenue of $62.30 million during the quarter, compared to the consensus estimate 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 quarter last year, the firm earned ($0.10) earnings per share. Research analysts anticipate that Paragon 28 will post -0.66 earnings per share for the current year.

Insiders Place Their Bets

In other Paragon 28 news, major shareholder Mvm Partners, Llc sold 10,835 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $10.09, for a total value of $109,325.15. Following the completion of the transaction, the insider now directly owns 10,548,230 shares in the company, valued at approximately $106,431,640.70. This trade represents a 0.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 230,549 shares of company stock valued at $2,359,329. 15.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in FNA. Barclays PLC increased its holdings in Paragon 28 by 180.6% in the third quarter. Barclays PLC now owns 84,812 shares of the company’s stock worth $567,000 after purchasing an additional 54,591 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of 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 acquiring an additional 23,167 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Paragon 28 by 7.0% during the 3rd quarter. Wellington Management Group LLP now owns 694,799 shares of the company’s stock valued at $4,641,000 after acquiring an additional 45,215 shares during the period. State Street Corp boosted its stake in Paragon 28 by 2.6% during the third quarter. State Street Corp now owns 1,563,331 shares of the company’s stock worth $10,443,000 after acquiring an additional 39,075 shares in the last quarter. Finally, Stonepine Capital Management LLC acquired a new stake in Paragon 28 in the third quarter worth $766,000. 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.