Glaukos (NYSE:GKOS) Shares Break Below 50 Day Moving Average - Here's Why

Shares of Glaukos Corporation (NYSE:GKOS - Get Free Report) passed below its 50-day moving average during trading on Monday. The stock has a 50-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 traded.

Wall Street Analysts Forecast Growth

GKOS has been the subject of a number of research analyst reports. Wells Fargo & Company raised their price objective on shares of Glaukos from $138.00 to $178.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. Citigroup boosted their target price on shares of Glaukos from $175.00 to $188.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Truist Financial increased their target price on shares of Glaukos from $180.00 to $215.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Wall Street Zen upgraded shares of Glaukos from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $195.00 price target (up from $165.00) on shares of Glaukos in a report on Thursday, July 30th. Thirteen research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $180.54.

Glaukos Trading Up 3.0%

The stock has a 50 day moving average of $171.71 and a 200 day moving average of $142.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.04 and a quick ratio of 4.46. The firm has a market cap of $9.38 billion, a P/E ratio of -48.95 and a beta of 0.76.

Glaukos (NYSE:GKOS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The medical instruments supplier reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.07. Glaukos had a negative return on equity of 6.37% and a negative net margin of 30.68%.The firm had revenue of $185.61 million during the quarter, compared to analyst estimates of $150.93 million. During the same quarter in the previous year, the company posted ($0.24) earnings per share. The company's revenue was up 49.6% compared to the same quarter last year. As a group, equities research analysts predict that Glaukos Corporation will post -0.32 EPS for the current year.

Insiders Place Their Bets

In related news, COO Joseph Gilliam sold 60,000 shares of the company's 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 transaction, the chief operating officer owned 72,588 shares in the company, valued at $13,046,967.12. This represents a 45.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gilbert H. Kliman sold 2,500 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $190.00, for a total value of $475,000.00. Following the completion of the sale, the director directly owned 37,406 shares of the company's stock, valued at $7,107,140. The trade was a 6.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 113,025 shares of company stock worth $19,600,006. Corporate insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC grew its position in shares of Glaukos by 11.3% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,311 shares of the medical instruments supplier's stock worth $323,000 after buying an additional 234 shares during the period. Integrated Wealth Concepts LLC purchased a new position in Glaukos during the 2nd quarter valued at about $253,000. IFP Advisors Inc lifted its position in Glaukos by 523.4% during the 2nd quarter. IFP Advisors Inc now owns 293 shares of the medical instruments supplier's stock valued at $41,000 after acquiring an additional 246 shares during the period. Nykredit A S bought a new stake in Glaukos during the second quarter worth about $274,000. Finally, Parkside Financial Bank & Trust boosted its stake in Glaukos by 20.5% during the second quarter. Parkside Financial Bank & Trust now owns 2,153 shares of the medical instruments supplier's stock worth $301,000 after acquiring an additional 367 shares in the last quarter. 99.04% of the stock is currently owned by institutional investors.

About Glaukos

Glaukos Corporation is an ophthalmic medical technology company focused on developing and commercializing products designed to treat glaucoma, corneal disorders and other eye conditions. The company's technologies are intended to provide alternatives to traditional treatments and support earlier intervention in the management of progressive eye disease.

Glaukos is best known for its portfolio of micro-invasive glaucoma surgery products, including the iStent family of implantable devices.

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