Globus Medical Inc (NYSE:GMED) saw a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 2,567,600 shares, an increase of 10.1% from the June 30th total of 2,332,600 shares. Currently, 3.4% of the company’s shares are sold short. Based on an average daily volume of 603,800 shares, the short-interest ratio is presently 4.3 days.
GMED has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 target price on the stock in a research report on Tuesday, August 6th. Needham & Company LLC restated a “buy” rating and set a $56.00 target price (up from $52.00) on shares of Globus Medical in a research report on Friday, August 2nd. Wells Fargo & Co downgraded shares of Globus Medical from an “outperform” rating to a “market perform” rating and cut their target price for the company from $50.00 to $41.00 in a research report on Friday, May 24th. Finally, Morgan Stanley set a $45.00 target price on shares of Globus Medical and gave the company a “hold” rating in a research report on Wednesday, June 5th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Globus Medical currently has a consensus rating of “Buy” and a consensus price target of $55.20.
Globus Medical stock traded down $0.63 during trading hours on Wednesday, reaching $48.21. 232,106 shares of the company’s stock traded hands, compared to its average volume of 627,943. Globus Medical has a fifty-two week low of $38.01 and a fifty-two week high of $57.83. The company has a market cap of $4.87 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 2.52 and a beta of 0.89. The business’s 50 day moving average price is $44.19.
Hedge funds have recently made changes to their positions in the company. WINTON GROUP Ltd increased its stake in shares of Globus Medical by 122.8% in the 2nd quarter. WINTON GROUP Ltd now owns 11,756 shares of the medical device company’s stock valued at $497,000 after acquiring an additional 6,480 shares during the last quarter. THB Asset Management bought a new stake in Globus Medical during the 1st quarter worth approximately $215,000. Campbell & CO Investment Adviser LLC bought a new stake in Globus Medical during the 2nd quarter worth approximately $280,000. Virginia Retirement Systems ET AL increased its stake in Globus Medical by 9.0% during the 1st quarter. Virginia Retirement Systems ET AL now owns 39,900 shares of the medical device company’s stock worth $1,971,000 after purchasing an additional 3,300 shares in the last quarter. Finally, Retirement Systems of Alabama increased its stake in Globus Medical by 29.9% during the 1st quarter. Retirement Systems of Alabama now owns 285,420 shares of the medical device company’s stock worth $14,103,000 after purchasing an additional 65,688 shares in the last quarter. 69.61% of the stock is owned by institutional investors.
Globus Medical Company Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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