Globus Medical, Inc. (NYSE:GMED) Short Interest Update

Globus Medical, Inc. (NYSE:GMED - Get Free Report) was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 3,300,000 shares, a growth of 36.4% from the March 15th total of 2,420,000 shares. Based on an average daily trading volume, of 1,370,000 shares, the short-interest ratio is currently 2.4 days. Currently, 3.0% of the shares of the company are sold short.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Globus Medical by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company's stock valued at $898,548,000 after purchasing an additional 240,218 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Globus Medical by 7.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock valued at $231,946,000 after buying an additional 199,556 shares during the period. Burgundy Asset Management Ltd. grew its holdings in shares of Globus Medical by 1.7% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company's stock valued at $216,544,000 after acquiring an additional 43,330 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Globus Medical by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company's stock worth $156,969,000 after acquiring an additional 12,151 shares during the last quarter. Finally, Geneva Capital Management LLC raised its holdings in shares of Globus Medical by 13.6% during the fourth quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company's stock worth $150,188,000 after acquiring an additional 217,707 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on GMED shares. Truist Financial dropped their price objective on shares of Globus Medical from $82.00 to $80.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Wells Fargo & Company dropped their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. StockNews.com downgraded Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. Finally, Barclays raised their target price on Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $96.91.

Globus Medical Price Performance

Shares of NYSE:GMED traded up $1.41 on Thursday, reaching $73.20. 249,064 shares of the company traded hands, compared to its average volume of 1,288,351. The stock has a market capitalization of $10.07 billion, a PE ratio of 97.60, a P/E/G ratio of 1.61 and a beta of 1.28. The company's 50 day moving average is $74.76 and its 200-day moving average is $79.98. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.10. The company had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. As a group, analysts expect that Globus Medical will post 3.44 EPS for the current year.

About Globus Medical

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.