Globus Medical, Inc. (NYSE:GMED) was the recipient of a large increase in short interest in the month of September. As of September 30th, there was short interest totalling 1,760,000 shares, an increase of 29.4% from the September 15th total of 1,360,000 shares. Currently, 2.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 632,100 shares, the days-to-cover ratio is presently 2.8 days.
Several brokerages recently issued reports on GMED. Canaccord Genuity lifted their price target on shares of Globus Medical from $56.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, August 6th. SVB Leerink boosted their target price on shares of Globus Medical from $56.00 to $64.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Piper Sandler boosted their target price on shares of Globus Medical from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, August 6th. Wells Fargo & Company boosted their target price on shares of Globus Medical from $54.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Finally, Zacks Investment Research lowered shares of Globus Medical from a “buy” rating to a “sell” rating and set a $56.00 target price on the stock. in a report on Monday, October 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the stock. Globus Medical has an average rating of “Buy” and a consensus price target of $59.86.
In related news, Director Robert Andrew Douglas purchased 690 shares of the firm’s stock in a transaction that occurred on Wednesday, July 22nd. The shares were bought at an average cost of $47.75 per share, with a total value of $32,947.50. Following the acquisition, the director now owns 1,390 shares of the company’s stock, valued at approximately $66,372.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James R. Tobin sold 5,600 shares of Globus Medical stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $56.85, for a total transaction of $318,360.00. Following the sale, the director now directly owns 5,600 shares in the company, valued at $318,360. The disclosure for this sale can be found here. 25.63% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of GMED. Carmichael Hill & Associates Inc. purchased a new stake in Globus Medical during the second quarter valued at about $33,000. Flagship Harbor Advisors LLC lifted its holdings in Globus Medical by 67.9% during the second quarter. Flagship Harbor Advisors LLC now owns 747 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 302 shares during the last quarter. Wexford Capital LP purchased a new stake in Globus Medical during the second quarter valued at about $52,000. Private Advisor Group LLC purchased a new stake in Globus Medical during the second quarter valued at about $67,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Globus Medical during the second quarter valued at about $72,000. Institutional investors own 66.58% of the company’s stock.
Shares of NYSE GMED traded up $0.18 during midday trading on Friday, reaching $55.36. The stock had a trading volume of 312,091 shares, compared to its average volume of 919,752. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 64.37, a price-to-earnings-growth ratio of 3.81 and a beta of 0.97. Globus Medical has a twelve month low of $33.41 and a twelve month high of $60.15. The company’s 50 day moving average price is $53.05 and its 200 day moving average price is $50.09.
Globus Medical (NYSE:GMED) last released its quarterly earnings data on Wednesday, August 5th. The medical device company reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.18. Globus Medical had a net margin of 11.90% and a return on equity of 9.58%. The firm had revenue of $148.92 million for the quarter, compared to the consensus estimate of $99.77 million. On average, equities research analysts expect that Globus Medical will post 1.12 earnings per share for the current year.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the development and commercialization of implants that heal patients with musculoskeletal disorders. Its spine product portfolio includes a range of implant and surgical approach options that can be used to treat degenerative, deformity, tumor, and trauma conditions affecting the spine from the occiput to the sacrum.
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