Globus Medical (NYSE:GMED) Trading 3% Higher - Here's What Happened

Globus Medical, Inc. (NYSE:GMED - Get Free Report)'s stock price rose 3% during trading on Wednesday . The stock traded as high as $86.14 and last traded at $85.92. Approximately 274,605 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 750,507 shares. The stock had previously closed at $83.45.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Morgan Stanley raised Globus Medical from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Stifel Nicolaus increased their target price on Globus Medical from $80.00 to $92.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Piper Sandler lifted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. Canaccord Genuity Group increased their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the company a "buy" rating in a research note on Monday, December 9th. Finally, Truist Financial raised their price objective on shares of Globus Medical from $85.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, December 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Globus Medical presently has a consensus rating of "Moderate Buy" and an average target price of $94.55.

Globus Medical Stock Up 3.5 %

The company has a market capitalization of $11.76 billion, a price-to-earnings ratio of 128.87, a P/E/G ratio of 1.97 and a beta of 1.19. The stock has a 50 day simple moving average of $82.33 and a 200 day simple moving average of $74.86.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The business's revenue for the quarter was up 63.1% compared to the same quarter last year. As a group, analysts forecast that Globus Medical, Inc. will post 2.97 EPS for the current year.

Insider Buying and Selling

In other news, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares of the company's stock, valued at approximately $40,242,076. This represents a 5.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 97,500 shares of company stock valued at $7,674,950 in the last quarter. Company insiders own 18.54% of the company's stock.

Hedge Funds Weigh In On Globus Medical

Several large investors have recently bought and sold shares of GMED. Select Equity Group L.P. acquired a new stake in shares of Globus Medical in the second quarter valued at $91,711,000. Millennium Management LLC lifted its holdings in Globus Medical by 1,171.5% in the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company's stock valued at $93,409,000 after acquiring an additional 1,256,570 shares during the last quarter. ArrowMark Colorado Holdings LLC bought a new position in shares of Globus Medical during the 3rd quarter valued at about $43,947,000. Lord Abbett & CO. LLC acquired a new position in shares of Globus Medical in the 3rd quarter worth approximately $37,948,000. Finally, Parsifal Capital Management LP grew its stake in shares of Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company's stock worth $96,619,000 after purchasing an additional 453,053 shares during the last quarter. Institutional investors and hedge funds 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.