Globus Medical, Inc. (NYSE:GMED) Short Interest Update

Globus Medical, Inc. (NYSE:GMED) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 2,440,000 shares, a drop of 12.5% from the November 15th total of 2,790,000 shares. Based on an average daily volume of 821,700 shares, the days-to-cover ratio is presently 3.0 days.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Piper Sandler raised their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Stifel Nicolaus raised their price objective on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Roth Mkm raised their price target on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday. Wells Fargo & Company increased their target price on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, December 11th. Finally, Royal Bank of Canada lifted their price objective on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $93.55.

Globus Medical Trading Up 2.1 %

Shares of Globus Medical stock traded up $1.72 during trading hours on Tuesday, reaching $83.42. 1,383,173 shares of the company’s stock were exchanged, compared to its average volume of 993,466. Globus Medical has a 52-week low of $49.14 and a 52-week high of $87.22. The company has a fifty day moving average of $79.05 and a 200-day moving average of $72.99. The firm has a market capitalization of $11.36 billion, a price-to-earnings ratio of 122.24, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same period in the previous year, the company posted $0.57 earnings per share. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. On average, equities research analysts anticipate that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Kelly Huller sold 2,500 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GMED. State Street Corp increased its position in shares of Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after purchasing an additional 81,371 shares during the last quarter. Burgundy Asset Management Ltd. boosted its position in Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after purchasing an additional 35,054 shares during the period. Geode Capital Management LLC increased its position in Globus Medical by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after buying an additional 21,935 shares during the period. Magnetar Financial LLC grew its position in shares of Globus Medical by 1.7% during the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after acquiring an additional 29,200 shares during the last quarter. Finally, Geneva Capital Management LLC lifted its position in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.