Canaccord Genuity Group Reaffirms “Hold” Rating for Paragon 28 (NYSE:FNA)

Canaccord Genuity Group reissued their hold rating on shares of Paragon 28 (NYSE:FNA) in a report issued on Wednesday,Benzinga reports.

Several other research firms also recently commented on FNA. William Blair downgraded Paragon 28 from an “outperform” rating to a “market perform” rating in a report on Wednesday. Stephens upgraded Paragon 28 to a “strong-buy” rating in a research note on Monday, December 2nd. Finally, Needham & Company LLC restated a “hold” rating and set a $13.00 target price on shares of Paragon 28 in a report on Wednesday. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.60.

Paragon 28 Stock Performance

Shares of FNA stock opened at $13.00 on Wednesday. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.50 and a quick ratio of 1.60. The stock has a 50-day moving average of $10.48 and a 200-day moving average of $8.35. Paragon 28 has a one year low of $4.65 and a one year high of $14.79. The stock has a market cap of $1.09 billion, a PE ratio of -17.56 and a beta of 1.50.

Paragon 28 (NYSE:FNA) last posted its quarterly earnings results 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 business 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 for the quarter was up 18.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) EPS. As a group, sell-side analysts expect that Paragon 28 will post -0.64 earnings per share for the current year.

Insiders Place Their Bets

In other Paragon 28 news, major shareholder Mvm Partners, Llc sold 20,136 shares of the business’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $11.63, for a total value of $234,181.68. Following the completion of the transaction, the insider now owns 10,366,009 shares in the company, valued at $120,556,684.67. The trade was a 0.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold 300,192 shares of company stock valued at $3,135,086 in the last ninety days. 15.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its stake in shares of Paragon 28 by 2,141.7% in the third quarter. JPMorgan Chase & Co. now owns 784,878 shares of the company’s stock valued at $5,243,000 after buying an additional 749,865 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Paragon 28 by 5,834.0% in the 2nd quarter. Millennium Management LLC now owns 725,489 shares of the company’s stock worth $4,962,000 after purchasing an additional 713,263 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Paragon 28 in the 2nd quarter worth approximately $869,000. Stonepine Capital Management LLC bought a new stake in shares of Paragon 28 in the 3rd quarter worth approximately $766,000. Finally, Sei Investments Co. bought a new stake in Paragon 28 during the 2nd quarter valued at $531,000. Institutional investors and hedge funds 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.