Paragon 28, Inc. (FNA) Stock Jumps 7.2%: Will It Continue to Soar?
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Paragon 28, Inc. FNA shares ended the last trading session 7.2% higher at $5.19. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 27.6% loss over the past four weeks.
Paragon 28 recorded a strong price rise on investors’ optimism surrounding its impending third-quarter 2024 financial results, which is slated to be released on Nov. 12, 2024, post the closing bell. The Zacks Consensus Estimate for the third quarter earnings suggests a growth of 15.7%.
This company is expected to post quarterly loss of $0.16 per share in its upcoming report, which represents a year-over-year change of -60%. Revenues are expected to be $61.06 million, up 15.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and 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 a member of the Zacks Medical - Instruments industry. One other stock in the same industry, Veracyte VCYT, finished the last trading session 0.8% higher at $34.38. VCYT has returned 0.2% over the past month.
For Veracyte , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.02. This represents a change of +166.7% from what the company reported a year ago. Veracyte currently has a Zacks Rank of #1 (Strong Buy).
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