Globus Medical (NYSE:GMED) Shares Down 6.2% – Should You Sell?

Globus Medical, Inc. (NYSE:GMED)’s share price traded down 6.2% during trading on Thursday . The company traded as low as $85.20 and last traded at $86.71. 584,637 shares changed hands during trading, a decline of 50% from the average session volume of 1,176,517 shares. The stock had previously closed at $92.40.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on GMED. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Thursday, January 9th. Stifel Nicolaus raised their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Wells Fargo & Company lifted their target price on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Piper Sandler upped their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, Truist Financial increased their price objective on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Trading Down 4.3 %

The business has a 50 day moving average price of $86.47 and a 200-day moving average price of $77.96. The firm has a market capitalization of $12.04 billion, a PE ratio of 131.90, a P/E/G ratio of 1.78 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same quarter last year, the company earned $0.57 earnings per share. Globus Medical’s quarterly revenue was up 63.1% compared to the same quarter last year. On average, equities research analysts forecast that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 transaction of $217,500.00. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

A number of institutional investors have recently modified their holdings of GMED. V Square Quantitative Management LLC purchased a new position in shares of Globus Medical in the third quarter valued at $27,000. SBI Securities Co. Ltd. bought a new position in Globus Medical during the 4th quarter valued at $27,000. Quarry LP grew its holdings in Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after acquiring an additional 433 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after purchasing an additional 385 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after purchasing an additional 206 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.