Paragon 28 Inc. [NYSE: FNA] loss -16.58% or -3.33 points to close at $16.75 with a heavy trading volume of 3496204 shares. The company report on January 25, 2023 that Paragon 28, Inc. Announces Pricing of Public Offering.
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Paragon 28, Inc. (NYSE: FNA) (“Paragon”), a leading medical device company exclusively focused on the foot and ankle orthopedic market, announced today the pricing of the previously announced underwritten public offering of 6,500,000 shares of its common stock at a public offering price of $17.00 per share, before underwriting discounts and commissions. 3,750,000 shares in the offering are being offered for sale by Paragon and 2,750,000 shares are being offered for sale by certain selling securityholders. In addition, Paragon and the selling securityholders have granted the underwriters a 30-day option to purchase up to an additional 562,500 and 412,500 shares of Paragon’s common stock, respectively, at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering to Paragon are expected to be approximately $63.8 million. Paragon will not receive any proceeds from the sale of common stock by the selling securityholders. The offering is expected to close on January 30, 2023, subject to customary closing conditions.
Paragon intends to use the net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by Paragon, for working capital, capital expenditures and other general corporate purposes. Paragon may also use a portion of the net proceeds to acquire or invest in products, technologies or businesses that are complementary to its business; however, Paragon currently does not have any agreements or commitments to complete any such transactions.
It opened the trading session at $17.39, the shares rose to $17.59 and dropped to $16.37, the range by which the price of stock traded the whole day. The daily chart for FNA points out that the company has recorded -14.19% loss over the past six months. However, it is still -35.63% lower than its most recent low trading price.
If we look at the average trading volume of 205.76K shares, FNA reached to a volume of 3496204 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Paragon 28 Inc. [FNA]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FNA shares is $28.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FNA stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
B. Riley Securities have made an estimate for Paragon 28 Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 14, 2022.
The Average True Range (ATR) for Paragon 28 Inc. is set at 1.08, with the Price to Sales ratio for FNA stock in the period of the last 12 months amounting to 7.54. The Price to Book ratio for the last quarter was 7.51, with the Price to Cash per share for the same quarter was set at 0.72.
Trading performance analysis for FNA stock
Paragon 28 Inc. [FNA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -12.76. With this latest performance, FNA shares dropped by -20.65% in over the last four-week period, additionally sinking by -14.19% over the last 6 months – not to mention a rise of 15.36% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FNA stock in for the last two-week period is set at 34.70, with the RSI for the last a single of trading hit 28.82, and the three-weeks RSI is set at 38.79 for Paragon 28 Inc. [FNA]. The present Moving Average for the last 50 days of trading for this stock 19.70, while it was recorded at 19.10 for the last single week of trading, and 18.21 for the last 200 days.
Paragon 28 Inc. [FNA]: A deeper dive into fundamental analysis
Paragon 28 Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 3.60.
An analysis of insider ownership at Paragon 28 Inc. [FNA]
There are presently around $283 million, or 40.50% of FNA stock, in the hands of institutional investors. The top three institutional holders of FNA stocks are: BLACKROCK INC. with ownership of 2,541,534, which is approximately 10.079% of the company’s market cap and around 1.20% of the total institutional ownership; WASATCH ADVISORS INC, holding 1,706,568 shares of the stock with an approximate value of $28.59 million in FNA stocks shares; and VANGUARD GROUP INC, currently with $23.21 million in FNA stock with ownership of nearly 21.087% of the company’s market capitalization.
Positions in Paragon 28 Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 48 institutional holders increased their position in Paragon 28 Inc. [NYSE:FNA] by around 2,001,224 shares. Additionally, 27 investors decreased positions by around 759,957 shares, while 11 investors held positions by with 14,128,014 shares. The mentioned changes placed institutional holdings at 16,889,195 shares, according to the latest SEC report filing. FNA stock had 18 new institutional investments in for a total of 211,435 shares, while 7 institutional investors sold positions of 322,168 shares during the same period.