Glaukos (NYSE:GKOS) Shares Gap Down After Earnings Miss

Glaukos Co. (NYSE:GKOS - Get Free Report)'s stock price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $157.36, but opened at $141.35. Glaukos shares last traded at $139.40, with a volume of 991,896 shares changing hands.

The medical instruments supplier reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.02). The business had revenue of $105.50 million during the quarter, compared to analysts' expectations of $100.72 million. Glaukos had a negative net margin of 39.04% and a negative return on equity of 16.53%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Citigroup upgraded shares of Glaukos from a "neutral" rating to a "buy" rating and boosted their target price for the company from $132.00 to $162.00 in a research note on Wednesday, December 11th. Truist Financial boosted their target price on shares of Glaukos from $152.00 to $185.00 and gave the company a "buy" rating in a research note on Wednesday, December 18th. UBS Group assumed coverage on shares of Glaukos in a research note on Friday, December 6th. They issued a "buy" rating and a $182.00 target price for the company. Mizuho upgraded shares of Glaukos from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $140.00 to $200.00 in a research note on Wednesday. Finally, Morgan Stanley cut shares of Glaukos from an "equal weight" rating to an "underweight" rating and set a $120.00 target price for the company. in a research note on Monday, December 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Glaukos currently has a consensus rating of "Moderate Buy" and a consensus target price of $163.25.

Insiders Place Their Bets

In other news, insider Tomas Navratil sold 3,416 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $147.14, for a total value of $502,630.24. Following the completion of the sale, the insider now directly owns 72,437 shares in the company, valued at $10,658,380.18. This represents a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gilbert H. Kliman sold 2,000 shares of the stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $144.01, for a total transaction of $288,020.00. Following the completion of the sale, the director now owns 32,336 shares of the company's stock, valued at $4,656,707.36. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,744 shares of company stock worth $2,792,151. Company insiders own 6.40% of the company's stock.

Institutional Investors Weigh In On Glaukos

Hedge funds have recently modified their holdings of the business. Values First Advisors Inc. acquired a new stake in shares of Glaukos in the third quarter valued at about $25,000. IFP Advisors Inc purchased a new stake in shares of Glaukos in the fourth quarter valued at about $43,000. Asset Planning Inc purchased a new stake in shares of Glaukos in the fourth quarter valued at about $90,000. CoreCap Advisors LLC grew its holdings in shares of Glaukos by 36.4% in the fourth quarter. CoreCap Advisors LLC now owns 750 shares of the medical instruments supplier's stock valued at $112,000 after purchasing an additional 200 shares during the period. Finally, Harvest Fund Management Co. Ltd grew its holdings in shares of Glaukos by 2,263.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 898 shares of the medical instruments supplier's stock valued at $117,000 after purchasing an additional 860 shares during the period. 99.04% of the stock is currently owned by institutional investors and hedge funds.

Glaukos Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 5.54 and a quick ratio of 4.71. The stock's fifty day moving average is $152.75 and its 200-day moving average is $139.41. The stock has a market cap of $6.95 billion, a PE ratio of -43.91 and a beta of 1.04.

About Glaukos

Glaukos Corporation, an ophthalmic pharmaceutical and medical technology company, focuses on the development of novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. It offers iStent and iStent inject W micro-bypass stents that enhance aqueous humor outflow inserted in cataract surgery to treat mild-to-moderate open-angle glaucoma.