Globus Medical, Inc. (NYSE:GMED) Sees Large Drop in Short Interest

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

Globus Medical Price Performance

Shares of Globus Medical stock traded up $1.72 during trading hours on Tuesday, hitting $83.42. The company’s stock had a trading volume of 1,383,173 shares, compared to its average volume of 993,466. The stock has a 50 day moving average of $79.05 and a 200 day moving average of $72.99. The company has a market capitalization of $11.36 billion, a PE ratio of 122.24, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. Globus Medical has a 12 month low of $49.14 and a 12 month high of $87.22.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. Globus Medical’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period last year, the business earned $0.57 EPS. Equities analysts expect that Globus Medical will post 2.97 EPS for the current year.

Insiders Place Their Bets

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction dated 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 Securities & Exchange Commission, which is available through this link. Also, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 97,500 shares of company stock valued at $7,674,950. Company insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

Several hedge funds and other institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new stake in Globus Medical during the 3rd quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new position in Globus Medical in the second quarter worth $33,000. Quarry LP lifted its position in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after buying an additional 433 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after buying an additional 385 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Globus Medical in the 2nd quarter worth about $52,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on GMED shares. BTIG Research increased their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Piper Sandler raised their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Royal Bank of Canada lifted their target price on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Finally, Bank of America raised their price objective on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $93.55.

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.