Globus Medical, Inc. (NYSE:GMED) Short Interest Up 32.4% in March

Globus Medical, Inc. (NYSE:GMED - Get Free Report) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 7,760,000 shares, a growth of 32.4% from the March 15th total of 5,860,000 shares. Based on an average daily volume of 1,160,000 shares, the short-interest ratio is presently 6.7 days.

Insider Transactions at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the sale, the director now owns 17,419 shares of the company's stock, valued at approximately $905,613.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 24.30% of the company's stock.

Institutional Investors Weigh In On Globus Medical

A number of large investors have recently made changes to their positions in GMED. American Century Companies Inc. boosted its position in shares of Globus Medical by 91.2% during the 1st quarter. American Century Companies Inc. now owns 6,507 shares of the medical device company's stock valued at $480,000 after acquiring an additional 3,104 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Globus Medical by 33.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 15,578 shares of the medical device company's stock valued at $1,150,000 after buying an additional 3,913 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Globus Medical by 10.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 28,964 shares of the medical device company's stock worth $2,137,000 after buying an additional 2,758 shares during the last quarter. BlackRock Inc. raised its position in shares of Globus Medical by 0.7% during the 1st quarter. BlackRock Inc. now owns 7,347,858 shares of the medical device company's stock valued at $542,124,000 after buying an additional 48,913 shares during the period. Finally, Great West Life Assurance Co. Can lifted its holdings in Globus Medical by 8.1% in the first quarter. Great West Life Assurance Co. Can now owns 42,930 shares of the medical device company's stock valued at $3,255,000 after acquiring an additional 3,211 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GMED shares. Stifel Nicolaus boosted their price target on Globus Medical from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Wednesday, February 21st. Truist Financial raised their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock a "hold" rating in a report on Wednesday, February 21st. Canaccord Genuity Group boosted their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the company a "buy" rating in a report on Wednesday, December 20th. BTIG Research raised Globus Medical from a "neutral" rating to a "buy" rating and set a $60.00 target price on the stock in a research report on Monday, March 18th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Globus Medical presently has an average rating of "Moderate Buy" and a consensus target price of $66.33.

Globus Medical Price Performance

Shares of NYSE:GMED traded down $0.80 during midday trading on Friday, reaching $51.67. 731,371 shares of the company's stock traded hands, compared to its average volume of 996,447. The company has a market cap of $6.99 billion, a P/E ratio of 44.16, a PEG ratio of 1.54 and a beta of 1.08. The company has a fifty day simple moving average of $53.32 and a two-hundred day simple moving average of $51.33. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. Globus Medical has a 1 year low of $43.38 and a 1 year high of $62.88.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.01. The company had revenue of $616.53 million for the quarter, compared to analysts' expectations of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. Globus Medical's revenue was up 124.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.59 EPS. Equities analysts predict that Globus Medical will post 2.69 EPS for the current fiscal year.

About Globus Medical

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.