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

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

Globus Medical Trading Down 1.5 %

Globus Medical stock opened at $51.67 on Monday. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. Globus Medical has a 12 month low of $43.38 and a 12 month high of $62.88. The stock’s 50 day simple moving average is $53.32 and its two-hundred day simple moving average is $51.34. The firm has a market cap of $6.99 billion, a PE ratio of 44.16, a P/E/G ratio of 1.52 and a beta of 1.08.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Globus Medical by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock valued at $600,990,000 after buying an additional 32,220 shares in the last quarter. BlackRock Inc. lifted its holdings in Globus Medical by 0.5% in the 1st quarter. BlackRock Inc. now owns 7,508,520 shares of the medical device company’s stock valued at $425,283,000 after purchasing an additional 33,806 shares in the last quarter. Nuance Investments LLC lifted its holdings in Globus Medical by 36.8% in the 3rd quarter. Nuance Investments LLC now owns 3,620,518 shares of the medical device company’s stock valued at $179,759,000 after purchasing an additional 974,693 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Globus Medical by 0.6% in the 1st quarter. Wellington Management Group LLP now owns 3,236,599 shares of the medical device company’s stock valued at $238,796,000 after purchasing an additional 20,375 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Globus Medical by 80.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,406,682 shares of the medical device company’s stock valued at $119,492,000 after purchasing an additional 1,069,419 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

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

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.