Globus Medical, Inc. (NYSE:GMED) Short Interest Update

Globus Medical, Inc. (NYSE:GMED) saw a significant increase in short interest during the month of April. As of April 15th, there was short interest totaling 3,313,920 shares, an increase of 17.0% from the March 31st total of 2,831,226 shares. Based on an average daily trading volume, of 1,142,106 shares, the days-to-cover ratio is currently 2.9 days. Currently, 3.0% of the shares of the company are short sold.

Insiders Place Their Bets

In other news, EVP Kelly Huller sold 20,000 shares of the 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 18.51% of the company’s stock.

Institutional Trading of Globus Medical

A number of institutional investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. lifted its position in shares of Globus Medical by 98.2% during the 4th quarter. SBI Securities Co. Ltd. now owns 337 shares of the medical device company’s stock valued at $29,000 after acquiring an additional 167 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Globus Medical by 2.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,316 shares of the medical device company’s stock worth $375,000 after purchasing an additional 170 shares during the last quarter. Parallel Advisors LLC boosted its position in Globus Medical by 45.1% during the third quarter. Parallel Advisors LLC now owns 557 shares of the medical device company’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Globus Medical by 74.3% in the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 197 shares during the last quarter. Finally, Probity Advisors Inc. increased its position in shares of Globus Medical by 5.5% in the third quarter. Probity Advisors Inc. now owns 3,792 shares of the medical device company’s stock valued at $217,000 after buying an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Trading Up 1.2%

Shares of GMED traded up $1.11 during mid-day trading on Friday, hitting $91.29. The company’s stock had a trading volume of 906,982 shares, compared to its average volume of 937,873. Globus Medical has a 1-year low of $51.79 and a 1-year high of $101.40. The firm has a market capitalization of $12.35 billion, a P/E ratio of 23.17, a P/E/G ratio of 2.11 and a beta of 1.09. The firm has a 50-day simple moving average of $90.09 and a 200 day simple moving average of $85.64.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, topping 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 firm had revenue of $826.42 million for the quarter, compared to analyst estimates of $803.29 million. During the same quarter in the prior year, the company posted $0.84 earnings per share. Globus Medical’s quarterly revenue was up 25.7% on a year-over-year basis. As a group, sell-side analysts predict that Globus Medical will post 4.46 EPS for the current fiscal year.

Analyst Ratings Changes

GMED has been the subject of several research reports. Wall Street Zen upgraded shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 3rd. Barclays lifted their price objective on shares of Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Wells Fargo & Company raised shares of Globus Medical to a “strong-buy” rating in a report on Wednesday, March 18th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Globus Medical in a research note on Wednesday, April 15th. Finally, 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 note on Thursday, January 8th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $104.36.

Globus Medical Company Profile

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.