Short Interest in Globus Medical, Inc. (NYSE:GMED) Rises By 32.4%

Globus Medical, Inc. (NYSE:GMED) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 7,760,000 shares, an increase of 32.4% from the March 15th total of 5,860,000 shares. Based on an average trading volume of 1,160,000 shares, the short-interest ratio is currently 6.7 days.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GMED. BTIG Research raised shares of Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Monday, March 18th. Stifel Nicolaus boosted their price target on shares of Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Canaccord Genuity Group boosted their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price target on shares of Globus Medical in a research note on Thursday, January 11th. Finally, Truist Financial boosted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.33.

Globus Medical Trading Down 1.5 %

NYSE:GMED opened at $51.67 on Monday. The company has a fifty day moving average of $53.32 and a 200 day moving average of $51.34. Globus Medical has a 52 week low of $43.38 and a 52 week high of $62.88. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $6.99 billion, a P/E ratio of 44.16, a P/E/G ratio of 1.52 and a beta of 1.08.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The company had revenue of $616.53 million during the quarter, compared to analyst estimates of $608.21 million. During the same period in the prior year, the business posted $0.59 EPS. The firm’s revenue was up 124.6% compared to the same quarter last year. On average, research analysts predict that Globus Medical will post 2.69 earnings per share for the current year.

Insider Activity at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the transaction, the director now owns 17,419 shares of the company’s stock, valued at $905,613.81. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 24.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bridge City Capital LLC raised its holdings in Globus Medical by 25.9% during the 1st quarter. Bridge City Capital LLC now owns 75,712 shares of the medical device company’s stock valued at $4,061,000 after buying an additional 15,576 shares during the last quarter. Radnor Capital Management LLC lifted its position in shares of Globus Medical by 0.7% in the 1st quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock worth $1,561,000 after purchasing an additional 215 shares during the period. Tealwood Asset Management Inc. purchased a new stake in shares of Globus Medical in the 1st quarter worth about $1,020,000. Park Avenue Securities LLC lifted its position in shares of Globus Medical by 7.1% in the 1st quarter. Park Avenue Securities LLC now owns 7,288 shares of the medical device company’s stock worth $391,000 after purchasing an additional 483 shares during the period. Finally, Banque Cantonale Vaudoise lifted its position in shares of Globus Medical by 6.6% in the 1st quarter. Banque Cantonale Vaudoise now owns 10,443 shares of the medical device company’s stock worth $560,000 after purchasing an additional 651 shares during the period. 95.16% of the stock is currently owned by institutional investors.

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.