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

Globus Medical, Inc. (NYSE:GMED) saw a large increase in short interest in the month of 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 daily trading volume, of 1,160,000 shares, the days-to-cover ratio is currently 6.7 days.

Globus Medical Trading Down 1.5 %

Shares of NYSE:GMED opened at $51.67 on Monday. Globus Medical has a 1 year low of $43.38 and a 1 year high of $62.88. The firm has a market capitalization of $6.99 billion, a price-to-earnings ratio of 44.16, a price-to-earnings-growth ratio of 1.52 and a beta of 1.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. The business’s 50 day moving average price is $53.32 and its 200-day moving average price is $51.34.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

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 49.7% during the 3rd quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after buying an additional 3,732,959 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Globus Medical by 16.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock valued at $53,873,000 after purchasing an additional 141,492 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Globus Medical by 854.5% in the 4th quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock valued at $8,544,000 after purchasing an additional 143,540 shares in the last quarter. Sector Gamma AS purchased a new position in Globus Medical in the 3rd quarter valued at $11,014,000. Finally, Barclays PLC lifted its holdings in Globus Medical by 58.8% in the 3rd quarter. Barclays PLC now owns 630,662 shares of the medical device company’s stock valued at $31,315,000 after purchasing an additional 233,459 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analyst Ratings Changes

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