Canaccord Genuity Group Has Lowered Expectations for Paragon 28 (NYSE:FNA) Stock Price

Paragon 28 (NYSE:FNA) had its target price dropped by equities researchers at Canaccord Genuity Group from $17.00 to $15.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 48.96% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC upped their price target on Paragon 28 from $11.00 to $13.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and issued a $12.00 price target (down from $15.00) on shares of Paragon 28 in a research note on Friday, August 9th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $15.60.

Paragon 28 Stock Up 3.8 %

Shares of NYSE FNA traded up $0.37 during trading on Wednesday, hitting $10.07. The company had a trading volume of 112,976 shares, compared to its average volume of 606,746. Paragon 28 has a 52 week low of $4.65 and a 52 week high of $14.79. The business’s 50-day moving average is $6.32 and its 200 day moving average is $7.22. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.50 and a quick ratio of 1.70.

Paragon 28 (NYSE:FNA) last posted its quarterly 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 company had revenue of $62.30 million for the quarter, compared to analysts’ expectations of $60.58 million. Paragon 28 had a negative return on equity of 37.90% and a negative net margin of 25.31%. The firm’s revenue was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.10) earnings per share. As a group, research analysts forecast that Paragon 28 will post -0.68 EPS for the current year.

Hedge Funds Weigh In On Paragon 28

Several hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC grew its position in shares of 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 last quarter. Millennium Management LLC increased its holdings in shares of Paragon 28 by 5,834.0% during the second quarter. Millennium Management LLC now owns 725,489 shares of the company’s stock worth $4,962,000 after buying an additional 713,263 shares in the last quarter. First Light Asset Management LLC increased its holdings in shares of 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 buying an additional 4,371,864 shares in the last quarter. Peregrine Capital Management LLC acquired a new stake in shares of Paragon 28 during the second quarter worth approximately $3,351,000. Finally, Thrivent Financial for Lutherans increased its holdings in shares of Paragon 28 by 15.4% in the second quarter. Thrivent Financial for Lutherans now owns 1,021,188 shares of the company’s stock valued at $6,986,000 after purchasing an additional 135,911 shares in the last quarter. 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.