Globus Medical, Inc. (NYSE:GMED) Sees Significant Increase in Short Interest

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

Insider Transactions at Globus Medical

In related news, EVP Kelly Huller sold 20,000 shares of Globus Medical stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $94.50, for a total transaction of $1,890,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 18.51% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several hedge funds have recently added to or reduced their stakes in GMED. Diversify Wealth Management LLC purchased a new position in shares of Globus Medical in the first quarter worth about $229,000. Fifth Third Bancorp increased its holdings in shares of Globus Medical by 5,281.6% in the first quarter. Fifth Third Bancorp now owns 66,732 shares of the medical device company’s stock worth $5,750,000 after buying an additional 65,492 shares during the period. Summit Securities Group LLC purchased a new position in shares of Globus Medical in the first quarter worth about $48,000. Oregon Public Employees Retirement Fund increased its holdings in shares of Globus Medical by 2.7% in the first quarter. Oregon Public Employees Retirement Fund now owns 22,860 shares of the medical device company’s stock worth $1,970,000 after buying an additional 600 shares during the period. Finally, Burney Co. purchased a new position in shares of Globus Medical in the first quarter worth about $1,064,000. Institutional investors own 95.16% of the company’s stock.

Globus Medical Price Performance

GMED stock traded up $1.11 during mid-day trading on Friday, hitting $91.29. 906,982 shares of the stock were exchanged, compared to its average volume of 937,873. The business has a fifty day moving average price of $90.09 and a 200 day moving average price of $85.64. Globus Medical has a 12 month low of $51.79 and a 12 month high of $101.40. The stock has a market capitalization of $12.35 billion, a price-to-earnings ratio of 23.17, a PEG ratio of 2.11 and a beta of 1.09.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $803.29 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s revenue was up 25.7% compared to the same quarter last year. As a group, equities analysts forecast that Globus Medical will post 4.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Zacks Research raised Globus Medical from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Needham & Company LLC lifted their price objective on Globus Medical from $112.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. Canaccord Genuity Group lifted their price objective on Globus Medical from $105.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Truist Financial set a $115.00 price objective on Globus Medical in a research note on Wednesday, February 25th. Finally, Barclays lifted their price objective on Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a research note on Wednesday, February 25th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $104.36.

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.