Globus Medical, Inc. (NYSE:GMED) Short Interest Down 5.6% in December

Posted by ABMN Staff on Jan 25th, 2023

Globus Medical, Inc. (NYSE:GMED – Get Rating) saw a significant drop in short interest in the month of December. As of December 30th, there was short interest totalling 4,750,000 shares, a drop of 5.6% from the December 15th total of 5,030,000 shares. Currently, 6.2% of the company’s stock are sold short. Based on an average daily volume of 588,800 shares, the days-to-cover ratio is presently 8.1 days.

Analyst Ratings Changes

Several research analysts have recently weighed in on GMED shares. Truist Financial upped their target price on shares of Globus Medical from $74.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday, December 20th. Jefferies Financial Group assumed coverage on Globus Medical in a research report on Wednesday, October 12th. They set a “buy” rating and a $75.00 target price on the stock. Barclays increased their price target on Globus Medical from $70.00 to $82.00 in a report on Wednesday, January 4th. Wells Fargo & Company lifted their price objective on Globus Medical from $74.00 to $82.00 and gave the stock an “overweight” rating in a report on Monday, December 12th. Finally, StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a research note on Friday, December 9th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Insider Buying and Selling at Globus Medical

In other news, SVP Kelly Huller sold 7,500 shares of the company’s stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $75.00, for a total value of $562,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 24.41% of the stock is currently owned by corporate insiders.

Institutional Trading of Globus Medical

Several hedge funds have recently made changes to their positions in the stock. Ronald Blue Trust Inc. increased its position in Globus Medical by 160.1% in the fourth quarter. Ronald Blue Trust Inc. now owns 450 shares of the medical device company’s stock worth $27,000 after buying an additional 277 shares during the period. First Horizon Advisors Inc. grew its position in shares of Globus Medical by 3,325.0% during the second quarter. First Horizon Advisors Inc. now owns 548 shares of the medical device company’s stock worth $30,000 after acquiring an additional 532 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new stake in shares of Globus Medical in the 2nd quarter worth about $31,000. Signaturefd LLC lifted its position in Globus Medical by 192.9% in the 3rd quarter. Signaturefd LLC now owns 820 shares of the medical device company’s stock valued at $49,000 after purchasing an additional 540 shares during the last quarter. Finally, Wipfli Financial Advisors LLC acquired a new position in Globus Medical during the 3rd quarter valued at about $50,000. Institutional investors own 74.23% of the company’s stock.

Globus Medical Price Performance

GMED stock opened at $74.16 on Wednesday. The firm has a fifty day moving average price of $72.64 and a two-hundred day moving average price of $65.54. Globus Medical has a 1-year low of $52.60 and a 1-year high of $81.78. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 49.11, a PEG ratio of 2.84 and a beta of 1.02.

Globus Medical (NYSE:GMED – Get Rating) last released its quarterly earnings data on Tuesday, November 8th. The medical device company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.02). Globus Medical had a return on equity of 11.59% and a net margin of 15.55%. The business had revenue of $254.15 million for the quarter, compared to analyst estimates of $252.94 million. As a group, analysts expect that Globus Medical will post 2.03 EPS for the current fiscal year.

Globus Medical Company Profile

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Globus Medical, Inc operates as a medical device company that develops and commercializes healthcare solutions. The firm engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.