Short Interest in Globus Medical, Inc. (NYSE:GMED) Rises By 17.0%

Key Points

• Short interest in Globus Medical rose by 17.0% in April to 3,313,920 shares, equal to about 3.0% of shares outstanding and a days-to-cover of 2.9.
• Analysts show a generally positive view with a consensus rating of "Moderate Buy" and an average price target of $104.36, following multiple recent upgrades and target increases.
• Globus Medical recently reported an EPS of $1.28 that beat estimates and revenue of $826.42M (up 25.7% year-over-year), reflecting strong recent financial performance.

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

Analyst Upgrades and Downgrades

GMED has been the topic of several recent research reports. Zacks Research raised shares of Globus Medical from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. Needham & Company LLC increased their target price on shares of Globus Medical from $112.00 to $114.00 and gave the stock a "buy" rating in a research note on Wednesday, February 25th. Wells Fargo & Company raised shares of Globus Medical to a "strong-buy" rating in a research note on Wednesday, March 18th. Piper Sandler reissued an "overweight" rating and set a $115.00 target price (up from $90.00) on shares of Globus Medical in a research note on Thursday, January 8th. Finally, Wall Street Zen raised shares of Globus Medical from a "buy" rating to a "strong-buy" rating in a research note on Saturday, January 3rd. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $104.36.

Insider Buying and Selling

In other Globus Medical news, EVP Kelly Huller sold 20,000 shares of the company's stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total value of $1,890,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 18.54% of the company's stock.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GMED. AQR Capital Management LLC boosted its position in Globus Medical by 45.9% in the 1st quarter. AQR Capital Management LLC now owns 22,510 shares of the medical device company's stock valued at $1,622,000 after buying an additional 7,086 shares during the period. Integrated Wealth Concepts LLC lifted its position in Globus Medical by 33.0% in the first quarter. Integrated Wealth Concepts LLC now owns 4,375 shares of the medical device company's stock valued at $320,000 after acquiring an additional 1,085 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Globus Medical by 38.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,649 shares of the medical device company's stock valued at $2,228,000 after acquiring an additional 8,540 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Globus Medical by 237.3% in the first quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company's stock valued at $62,000 after acquiring an additional 598 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Globus Medical by 8.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,527 shares of the medical device company's stock valued at $25,439,000 after acquiring an additional 28,027 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

Globus Medical Stock Performance

Globus Medical stock opened at $87.79 on Thursday. Globus Medical has a fifty-two week low of $51.79 and a fifty-two week high of $101.40. The firm has a 50 day moving average price of $90.10 and a 200 day moving average price of $85.61. The company has a market capitalization of $11.87 billion, a PE ratio of 22.28, a price-to-earnings-growth ratio of 2.19 and a beta of 1.09.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.22. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The firm had revenue of $826.42 million during the quarter, compared to the consensus estimate of $803.29 million. During the same quarter last year, the firm earned $0.84 EPS. The firm's revenue for the quarter was up 25.7% on a year-over-year basis. As a group, equities research analysts forecast that Globus Medical will post 4.46 earnings per share for the current year.

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.

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