Globus Medical (NYSE:GMED) Trading Down 6.2% – What’s Next?

Shares of Globus Medical, Inc. (NYSE:GMED) were down 6.2% during trading on Thursday . The stock traded as low as $85.20 and last traded at $86.71. Approximately 584,637 shares changed hands during trading, a decline of 50% from the average daily volume of 1,176,517 shares. The stock had previously closed at $92.40.

Analyst Upgrades and Downgrades

GMED has been the topic of a number of research reports. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Roth Mkm upped their price objective on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Canaccord Genuity Group lifted their target price on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Truist Financial raised their price target on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Finally, StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a research report on Tuesday, January 28th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Stock Down 4.3 %

The firm has a 50 day moving average price of $86.47 and a 200 day moving average price of $77.96. The stock has a market cap of $12.04 billion, a PE ratio of 131.90, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. Globus Medical’s revenue was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. Equities analysts forecast that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Insider Activity at Globus Medical

In related news, SVP Kelly Huller sold 2,500 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GMED. SBI Securities Co. Ltd. acquired a new position in Globus Medical during the fourth quarter worth $27,000. V Square Quantitative Management LLC acquired a new position in shares of Globus Medical during the 3rd quarter worth about $27,000. Quarry LP boosted its holdings in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after buying an additional 433 shares during the last quarter. UMB Bank n.a. increased its stake in Globus Medical by 60.2% during the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after buying an additional 206 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

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.