Globus Medical, Inc. (NYSE:GMED) Sees Significant Decrease in Short Interest

Globus Medical, Inc. (NYSE:GMED) saw a large decline in short interest in the month of January. As of January 31st, there was short interest totalling 2,180,000 shares, a decline of 12.8% from the January 15th total of 2,500,000 shares. Based on an average daily trading volume, of 1,140,000 shares, the short-interest ratio is currently 1.9 days.

Insider Activity

In other news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently modified their holdings of GMED. Norges Bank bought a new stake in shares of Globus Medical in the 4th quarter valued at about $117,102,000. RTW Investments LP bought a new stake in shares of Globus Medical in the 4th quarter valued at about $80,394,000. Iron Triangle Partners LP bought a new stake in shares of Globus Medical in the 4th quarter valued at about $69,808,000. Polar Capital Holdings Plc bought a new position in Globus Medical in the 4th quarter valued at about $63,762,000. Finally, Raymond James Financial Inc. bought a new position in Globus Medical in the 4th quarter valued at about $58,405,000. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Up 0.9 %

Shares of GMED stock traded up $0.79 on Tuesday, reaching $84.72. The stock had a trading volume of 858,922 shares, compared to its average volume of 1,260,175. The firm’s 50-day moving average is $86.67 and its two-hundred day moving average is $78.76. The firm has a market capitalization of $11.54 billion, a price-to-earnings ratio of 126.45, a P/E/G ratio of 1.68 and a beta of 1.19. Globus Medical has a 12 month low of $49.33 and a 12 month high of $94.93.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GMED shares. BTIG Research upped their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Piper Sandler upped their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Roth Mkm upped their target price on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Wells Fargo & Company upped their target price on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Finally, StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Company Profile

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.