Globus Medical (NYSE:GMED) Trading Down 6.2% – Time to Sell?

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

Wall Street Analyst Weigh In

GMED has been the subject of several research analyst reports. Stifel Nicolaus upped their price target on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group raised their price target on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a report on Friday, January 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Thursday. Truist Financial increased their price objective on shares of 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 lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Thursday. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Stock Down 0.4 %

The firm has a 50 day moving average price of $86.56 and a two-hundred day moving average price of $78.13. The company has a market capitalization of $11.93 billion, a price-to-earnings ratio of 130.75, a P/E/G ratio of 1.68 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate 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 for the quarter was up 63.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 EPS. Analysts predict that Globus Medical, Inc. will post 2.97 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Globus Medical

Several institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its holdings in shares of Globus Medical by 1.5% in the 2nd quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock valued at $1,044,000 after buying an additional 228 shares during the period. Creative Planning lifted its holdings in Globus Medical by 16.8% in the second quarter. Creative Planning now owns 6,157 shares of the medical device company’s stock worth $422,000 after acquiring an additional 886 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in Globus Medical in the second quarter valued at approximately $611,000. GAMMA Investing LLC grew its holdings in shares of Globus Medical by 40.7% during the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after purchasing an additional 257 shares during the last quarter. Finally, Atomi Financial Group Inc. acquired a new stake in shares of Globus Medical during the 3rd quarter worth approximately $258,000. Institutional investors own 95.16% of the company’s stock.

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.