Globus Medical Inc (NYSE:GMED) saw a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 2,567,600 shares, an increase of 10.1% from the June 30th total of 2,332,600 shares. Currently, 3.4% of the shares of the company are sold short. Based on an average daily trading volume, of 603,800 shares, the days-to-cover ratio is currently 4.3 days.
A number of research analysts have recently issued reports on GMED shares. Morgan Stanley set a $45.00 price target on shares of Globus Medical and gave the stock a “hold” rating in a research report on Wednesday, June 5th. Wells Fargo & Co downgraded shares of Globus Medical from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $50.00 to $41.00 in a research report on Friday, May 24th. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 price objective on the stock in a research report on Tuesday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $56.00 target price (up previously from $52.00) on shares of Globus Medical in a research note on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $55.20.
Large investors have recently added to or reduced their stakes in the company. Financial Gravity Wealth Inc. bought a new position in shares of Globus Medical in the second quarter valued at approximately $25,000. Steward Partners Investment Advisory LLC bought a new position in Globus Medical during the second quarter worth $26,000. Advisory Services Network LLC increased its position in Globus Medical by 620.0% during the second quarter. Advisory Services Network LLC now owns 792 shares of the medical device company’s stock worth $34,000 after acquiring an additional 682 shares during the period. Oakworth Capital Inc. bought a new position in Globus Medical during the second quarter worth $38,000. Finally, Point72 Hong Kong Ltd bought a new position in Globus Medical during the second quarter worth $72,000. 69.61% of the stock is currently owned by institutional investors.
Shares of GMED stock traded down $0.63 during trading on Wednesday, hitting $48.21. 232,106 shares of the company were exchanged, compared to its average volume of 627,943. The company has a market capitalization of $4.87 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 2.52 and a beta of 0.89. The business’s 50-day moving average is $44.19. Globus Medical has a twelve month low of $38.01 and a twelve month high of $57.83.
Globus Medical (NYSE:GMED) last posted its earnings results on Thursday, August 1st. The medical device company reported $0.41 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.41. The firm had revenue of $150.55 million during the quarter, compared to analysts’ expectations of $184.93 million. Globus Medical had a net margin of 19.30% and a return on equity of 13.29%. The company’s revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 earnings per share. Research analysts predict that Globus Medical will post 1.71 EPS for the current year.
Globus Medical Company Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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