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Paragon 28, Inc. (FNA) Surges 12.1%: Is This an Indication of Further Gains?
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Paragon 28, Inc. (FNA - Free Report) shares soared 12.1% in the last trading session to close at $10.16. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.8% loss over the past four weeks.
Paragon 28 scored a strong price driven by the optimism surrounding its upcoming third quarter earnings release scheduled on Nov 7, 2023. In the second quarter 2023 net revenue grew 21% constant currency, driven by growth in each segment, highlighting the benefits of company’s balanced business mode. Further, solid 2023 net revenue outlook raises investors optimism on the stock.
This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of +23.1%. Revenues are expected to be $52.27 million, up 13.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Paragon 28, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FNA going forward to see if this recent jump can turn into more strength down the road.
Paragon 28, Inc. is part of the Zacks Medical - Instruments industry. Orthofix (OFIX - Free Report) , another stock in the same industry, closed the last trading session 11.3% higher at $12.28. OFIX has returned -0.8% in the past month.
For Orthofix, the consensus EPS estimate for the upcoming report has changed +12.4% over the past month to -$0.22. This represents a change of -269.2% from what the company reported a year ago. Orthofix currently has a Zacks Rank of #3 (Hold).
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Paragon 28, Inc. (FNA) Surges 12.1%: Is This an Indication of Further Gains?
Paragon 28, Inc. (FNA - Free Report) shares soared 12.1% in the last trading session to close at $10.16. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.8% loss over the past four weeks.
Paragon 28 scored a strong price driven by the optimism surrounding its upcoming third quarter earnings release scheduled on Nov 7, 2023. In the second quarter 2023 net revenue grew 21% constant currency, driven by growth in each segment, highlighting the benefits of company’s balanced business mode. Further, solid 2023 net revenue outlook raises investors optimism on the stock.
This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of +23.1%. Revenues are expected to be $52.27 million, up 13.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Paragon 28, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FNA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Paragon 28, Inc. is part of the Zacks Medical - Instruments industry. Orthofix (OFIX - Free Report) , another stock in the same industry, closed the last trading session 11.3% higher at $12.28. OFIX has returned -0.8% in the past month.
For Orthofix, the consensus EPS estimate for the upcoming report has changed +12.4% over the past month to -$0.22. This represents a change of -269.2% from what the company reported a year ago. Orthofix currently has a Zacks Rank of #3 (Hold).