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

Key Points

• Short interest fell 14.0% to 2,831,226 shares as of March 31 (about 2.6% of shares sold short), leaving a short-interest ratio of roughly 2.9 days.
• Globus beat the quarter with $1.28 EPS versus $1.06 expected and revenue of $826.4M (up 25.7% year-over-year), while several brokers have raised price targets and the stock carries a consensus "Moderate Buy" rating with an average target of $104.36.
• EVP Kelly Huller sold 20,000 shares for about $1.89M on Feb. 25, and the company shows heavy institutional ownership at roughly 95.16%.

Globus Medical, Inc. (NYSE:GMED - Get Free Report) was the target of a large drop in short interest in March. As of March 31st, there was short interest totaling 2,831,226 shares, a drop of 14.0% from the March 15th total of 3,293,919 shares. Based on an average trading volume of 991,496 shares, the short-interest ratio is currently 2.9 days. Approximately 2.6% of the company's stock are sold short.

Insider Transactions at Globus Medical

In other Globus Medical news, EVP Kelly Huller sold 20,000 shares of Globus Medical stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total transaction of $1,890,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. 18.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GMED. SBI Securities Co. Ltd. raised its holdings in shares of Globus Medical by 98.2% in 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 in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position 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 valued at $375,000 after purchasing an additional 170 shares during the last quarter. Parallel Advisors LLC increased its holdings in shares of Globus Medical by 45.1% in the 3rd quarter. Parallel Advisors LLC now owns 557 shares of the medical device company's stock worth $32,000 after buying an additional 173 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Globus Medical by 14.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,438 shares of the medical device company's stock worth $82,000 after acquiring an additional 184 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position 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 worth $27,000 after acquiring an additional 197 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Performance

NYSE GMED traded up $3.55 on Friday, hitting $96.31. 256,391 shares of the stock traded hands, compared to its average volume of 1,238,092. The business's fifty day moving average is $89.15 and its two-hundred day moving average is $83.24. Globus Medical has a 12 month low of $51.79 and a 12 month high of $101.40. The firm has a market capitalization of $13.03 billion, a price-to-earnings ratio of 24.45, a PEG ratio of 2.21 and a beta of 1.09.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 EPS for the quarter, beating 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 analysts' expectations of $803.29 million. During the same quarter in the prior year, the firm earned $0.84 EPS. The business's revenue for the quarter was up 25.7% compared to the same quarter last year. Analysts expect that Globus Medical will post 3.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GMED. Needham & Company LLC upped their price objective on shares of Globus Medical from $112.00 to $114.00 and gave the stock a "buy" rating in a research report on Wednesday, February 25th. Piper Sandler restated 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. Barclays increased their price target on Globus Medical from $118.00 to $123.00 and gave the company an "overweight" rating in a research report on Wednesday, February 25th. Zacks Research upgraded Globus Medical from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 3rd. Finally, Truist Financial set a $115.00 target price on Globus Medical 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 stock. According to MarketBeat.com, Globus Medical currently has an average rating of "Moderate Buy" and an average 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.

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