Short Interest in Globus Medical, Inc. (NYSE:GMED) Decreases By 12.5%

Globus Medical, Inc. (NYSE:GMED) was the target of a significant 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 daily volume of 821,700 shares, the short-interest ratio is presently 3.0 days.

Globus Medical Trading Up 2.1 %

Shares of Globus Medical stock traded up $1.72 during trading hours on Tuesday, reaching $83.42. 1,383,173 shares of the company’s stock were exchanged, compared to its average volume of 993,467. The company has a 50 day moving average of $79.05 and a two-hundred day moving average of $72.99. The stock has a market cap of $11.36 billion, a P/E ratio of 122.24, a P/E/G ratio of 1.99 and a beta of 1.19. Globus Medical has a fifty-two week low of $49.14 and a fifty-two week high of $87.22.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million during 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%. The business’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 earnings per share. As a group, analysts expect that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GMED has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price target on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday, November 6th. Piper Sandler upped their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Canaccord Genuity Group raised their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Stifel Nicolaus increased their target price on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $93.55.

Insider Buying and Selling

In other news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Insiders sold a total of 97,500 shares of company stock valued at $7,674,950 over the last three months. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors have recently added to or reduced their stakes in the company. Lord Abbett & CO. LLC acquired a new position in Globus Medical during the third quarter worth approximately $37,948,000. Franklin Resources Inc. bought a new position in shares of Globus Medical during the 3rd quarter worth approximately $3,833,000. Synovus Financial Corp increased its holdings in shares of Globus Medical by 9.8% during the 3rd quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock worth $1,024,000 after acquiring an additional 1,281 shares during the last quarter. Wilmington Savings Fund Society FSB raised its stake in Globus Medical by 11.3% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 14,470 shares of the medical device company’s stock valued at $1,035,000 after acquiring an additional 1,470 shares during the period. Finally, Sanctuary Advisors LLC lifted its holdings in Globus Medical by 33.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,945 shares of the medical device company’s stock valued at $855,000 after purchasing an additional 3,022 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.