Needham & Company LLC Reaffirms Hold Rating for Paragon 28 (NYSE:FNA)

Paragon 28 (NYSE:FNA)‘s stock had its “hold” rating reissued by investment analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports. They currently have a $13.00 price target on the stock. Needham & Company LLC’s price target would suggest a potential downside of 0.19% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Stephens upgraded Paragon 28 to a “strong-buy” rating in a research report on Monday, December 2nd. 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 report on Wednesday, November 13th. Finally, William Blair downgraded Paragon 28 from an “outperform” rating to a “market perform” rating in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Paragon 28 presently has an average rating of “Moderate Buy” and a consensus price target of $15.60.

Paragon 28 Price Performance

Shares of NYSE FNA traded up $1.03 during trading hours on Wednesday, reaching $13.03. 10,977,940 shares of the stock traded hands, compared to its average volume of 1,106,018. The company’s 50-day simple moving average is $10.48 and its two-hundred day simple moving average is $8.35. The company has a market capitalization of $1.09 billion, a P/E ratio of -17.60 and a beta of 1.50. Paragon 28 has a 52-week low of $4.65 and a 52-week high of $14.79. The company has a quick ratio of 1.60, a current ratio of 3.50 and a debt-to-equity ratio of 0.79.

Paragon 28 (NYSE:FNA) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.01. Paragon 28 had a negative net margin of 25.31% and a negative return on equity of 37.90%. The business had revenue of $62.30 million for the quarter, compared to analysts’ expectations of $60.58 million. During the same period last year, the business earned ($0.10) earnings per share. The business’s quarterly revenue was up 18.0% on a year-over-year basis. Equities research analysts forecast that Paragon 28 will post -0.64 EPS for the current year.

Insider Buying and Selling at Paragon 28

In related news, major shareholder Mvm Partners, Llc sold 147,581 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $10.28, for a total transaction of $1,517,132.68. Following the completion of the transaction, the insider now owns 10,738,564 shares of the company’s stock, valued at $110,392,437.92. This trade represents a 1.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 273,050 shares of company stock valued at $2,819,696. 15.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Paragon 28

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in Paragon 28 by 2,141.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 784,878 shares of the company’s stock worth $5,243,000 after buying an additional 749,865 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Paragon 28 by 5,834.0% during 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. Cubist Systematic Strategies LLC purchased a new position in shares of Paragon 28 during the second quarter valued at approximately $869,000. Stonepine Capital Management LLC bought a new position in Paragon 28 during the third quarter valued at approximately $766,000. Finally, Sei Investments Co. purchased a new stake in Paragon 28 in the second quarter worth approximately $531,000. Hedge funds and other institutional investors own 63.57% of the company’s stock.

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.