Globus Medical Inc (NYSE:GMED) Short Interest Up 10.1% in July

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.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, August 1st. The medical device company reported $0.41 EPS for the quarter, meeting analysts’ consensus estimates of $0.41. The company had revenue of $150.55 million during the quarter, compared to analysts’ expectations of $184.93 million. Globus Medical had a return on equity of 13.29% and a net margin of 19.30%. Globus Medical’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 EPS. As a group, sell-side analysts expect that Globus Medical will post 1.71 earnings per share for the current fiscal year.

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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