Glaukos (NYSE:GKOS) Stock Price Crosses Below 50 Day Moving Average – Here’s Why

Glaukos Corporation (NYSE:GKOS)’s stock price crossed below its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $171.71 and traded as low as $151.71. Glaukos shares last traded at $159.08, with a volume of 1,317,242 shares.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Stifel Nicolaus raised their target price on shares of Glaukos from $175.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Citigroup upped their price target on shares of Glaukos from $175.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. UBS Group initiated coverage on shares of Glaukos in a research note on Tuesday, July 28th. They set a “neutral” rating and a $150.00 price objective on the stock. HC Wainwright boosted their price objective on shares of Glaukos from $168.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded Glaukos from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Thirteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Glaukos currently has an average rating of “Moderate Buy” and an average target price of $180.54.

Glaukos Stock Up 3.6%

The firm has a market capitalization of $9.69 billion, a P/E ratio of -50.54 and a beta of 0.76. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.46 and a current ratio of 5.04. The business’s fifty day moving average price is $171.81 and its two-hundred day moving average price is $142.59.

Glaukos (NYSE:GKOS) last posted its quarterly earnings data on Wednesday, July 29th. The medical instruments supplier reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.07. The firm had revenue of $185.61 million during the quarter, compared to analyst estimates of $150.93 million. Glaukos had a negative net margin of 30.68% and a negative return on equity of 6.37%. Glaukos’s revenue was up 49.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.24) EPS. Equities analysts expect that Glaukos Corporation will post -0.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Alex R. Thurman sold 20,000 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $180.13, for a total value of $3,602,600.00. Following the completion of the transaction, the chief financial officer directly owned 43,906 shares of the company’s stock, valued at $7,908,787.78. This trade represents a 31.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Joseph Gilliam sold 60,000 shares of Glaukos stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $179.74, for a total transaction of $10,784,400.00. Following the completion of the sale, the chief operating officer owned 72,588 shares of the company’s stock, valued at $13,046,967.12. This trade represents a 45.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 113,025 shares of company stock worth $19,600,006 in the last three months. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Allworth Financial LP acquired a new stake in shares of Glaukos during the second quarter worth $28,000. Parallel Advisors LLC increased its position in shares of Glaukos by 159.2% in the 1st quarter. Parallel Advisors LLC now owns 368 shares of the medical instruments supplier’s stock valued at $40,000 after acquiring an additional 226 shares during the period. IFP Advisors Inc raised its stake in Glaukos by 523.4% in the 2nd quarter. IFP Advisors Inc now owns 293 shares of the medical instruments supplier’s stock worth $41,000 after acquiring an additional 246 shares during the last quarter. Harbour Investments Inc. purchased a new position in Glaukos in the 4th quarter worth $86,000. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Glaukos during the 4th quarter worth about $125,000. Institutional investors and hedge funds own 99.04% of the company’s stock.

About Glaukos

Glaukos Corporation is an ophthalmic medical technology company focused on developing and commercializing products intended to preserve and restore vision. The company’s primary business is minimally invasive glaucoma surgery (MIGS), which is designed to reduce intraocular pressure and potentially lessen patients’ dependence on glaucoma medications.

Glaukos’ glaucoma portfolio includes the iStent, iStent inject and iStent infinite systems, which are used in procedures to improve the eye’s natural fluid outflow.