Short Interest in Globus Medical, Inc. (NYSE:GMED) Drops By 14.0%

Globus Medical, Inc. (NYSE:GMED) saw a large decline in short interest during the month of March. As of March 31st, there was short interest totaling 2,831,226 shares, a decline of 14.0% from the March 15th total of 3,293,919 shares. Based on an average daily volume of 991,496 shares, the days-to-cover ratio is presently 2.9 days. Currently, 2.6% of the company’s stock are sold short.

Globus Medical Price Performance

NYSE:GMED opened at $95.35 on Friday. Globus Medical has a 12-month low of $51.79 and a 12-month high of $101.40. The firm has a market capitalization of $12.90 billion, a P/E ratio of 24.20, a P/E/G ratio of 2.17 and a beta of 1.09. The business has a 50 day simple moving average of $89.30 and a 200 day simple moving average of $83.70.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.22. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.The business had revenue of $826.42 million during the quarter, compared to analyst estimates of $803.29 million. During the same quarter in the previous year, the firm posted $0.84 EPS. The business’s revenue for the quarter was up 25.7% compared to the same quarter last year. Research analysts anticipate that Globus Medical will post 3.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GMED. Citigroup reiterated a “market perform” rating on shares of Globus Medical in a research report on Thursday, January 8th. Canaccord Genuity Group lifted their target price on Globus Medical from $105.00 to $112.00 and gave the stock a “buy” rating in a research report on Friday, January 9th. Wall Street Zen upgraded Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 3rd. Piper Sandler reiterated an “overweight” rating and issued a $115.00 target price (up from $90.00) on shares of Globus Medical in a research report on Thursday, January 8th. Finally, Needham & Company LLC lifted their target price on Globus Medical from $112.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Globus Medical has an average rating of “Moderate Buy” and an average price target of $104.36.

Insider Transactions at Globus Medical

In other news, EVP Kelly Huller sold 20,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $94.50, for a total value of $1,890,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 18.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its position in Globus Medical by 1,235.2% during the 4th quarter. Invesco Ltd. now owns 3,886,405 shares of the medical device company’s stock valued at $339,322,000 after purchasing an additional 3,595,339 shares during the period. Bank of Montreal Can boosted its position in Globus Medical by 15,317.1% during the 4th quarter. Bank of Montreal Can now owns 3,373,260 shares of the medical device company’s stock worth $294,519,000 after acquiring an additional 3,351,380 shares during the period. William Blair Investment Management LLC boosted its position in Globus Medical by 17.2% during the 3rd quarter. William Blair Investment Management LLC now owns 2,819,165 shares of the medical device company’s stock worth $161,454,000 after acquiring an additional 414,134 shares during the period. Sculptor Capital LP boosted its position in Globus Medical by 31.9% during the 2nd quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company’s stock worth $162,936,000 after acquiring an additional 667,850 shares during the period. Finally, Madison Avenue Partners LP boosted its position in Globus Medical by 3.0% during the 4th quarter. Madison Avenue Partners LP now owns 2,624,751 shares of the medical device company’s stock worth $229,167,000 after acquiring an additional 76,588 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.