The stock of Globus Medical Inc (NYSE:GMED) hit a new 52-week low and has $19.93 target or 5.00% below today’s $20.98 share price. The 8 months bearish chart indicates high risk for the $1.99 billion company. The 1-year low was reported on Nov, 9 by Barchart.com. If the $19.93 price target is reached, the company will be worth $99.50 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 3.26M shares traded hands or 336.87% up from the average. Globus Medical Inc (NYSE:GMED) has declined 5.86% since April 7, 2016 and is downtrending. It has underperformed by 10.64% the S&P500.
Globus Medical Inc (NYSE:GMED) Ratings Coverage
Out of 9 analysts covering Globus Medical Inc (NYSE:GMED), 2 rate it a “Buy”, 2 “Sell”, while 5 “Hold”. This means 22% are positive. Globus Medical Inc has been the topic of 17 analyst reports since August 3, 2015 according to StockzIntelligence Inc. The stock of Globus Medical Inc (NYSE:GMED) earned “Buy” rating by UBS on Tuesday, September 22. Morgan Stanley initiated the stock with “Overweight” rating in Monday, September 28 report. Morgan Stanley initiated the shares of GMED in a report on Monday, September 14 with “Overweight” rating. The rating was downgraded by Bank of America on Friday, January 8 to “Underperform”. As per Wednesday, November 9, the company rating was downgraded by JMP Securities. As per Friday, May 27, the company rating was initiated by Barclays Capital. The company was downgraded on Wednesday, July 27 by Wells Fargo. On Wednesday, November 9 the stock rating was downgraded by Oppenheimer to “Perform”. Barclays Capital maintained the shares of GMED in a report on Wednesday, July 27 with “Equalweight” rating. The firm has “Sell” rating given on Monday, May 16 by Goldman Sachs.
According to Zacks Investment Research, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania.”
Insitutional Activity: The institutional sentiment decreased to 1.21 in Q2 2016. Its down 0.40, from 1.61 in 2016Q1. The ratio worsened, as 21 funds sold all Globus Medical Inc shares owned while 61 reduced positions. 25 funds bought stakes while 74 increased positions. They now own 65.87 million shares or 1.65% less from 66.98 million shares in 2016Q1.
Tfs Lc has invested 0.08% of its portfolio in Globus Medical Inc (NYSE:GMED). Raymond James And Assocs holds 56,275 shares or 0% of its portfolio. Kayne Anderson Rudnick Inv Management Limited Liability Company has invested 0.03% of its portfolio in Globus Medical Inc (NYSE:GMED). Menta Ltd Liability Co accumulated 0.16% or 48,281 shares. Victory Cap Mngmt accumulated 3,324 shares or 0% of the stock. Quantbot L P holds 0.03% or 11,605 shares in its portfolio. Oak Ridge Invests Ltd accumulated 1.57% or 2.57M shares. Blackrock Ltd, a Delaware-based fund reported 33,080 shares. Cortina Asset Management Lc has 0.82% invested in the company for 757,035 shares. First Interstate National Bank last reported 540 shares in the company. Fort L P has 38,259 shares for 0.37% of their US portfolio. Swiss Commercial Bank last reported 118,400 shares in the company. Credit Suisse Ag has 175,481 shares for 0% of their US portfolio. Blackrock last reported 6,127 shares in the company. Moreover, Retail Bank Of New York Mellon Corp has 0.02% invested in Globus Medical Inc (NYSE:GMED) for 2.54 million shares.
Another recent and important Globus Medical Inc (NYSE:GMED) news was published by Rttnews.com which published an article titled: “Globus Medical Inc. (GMED) Is Down After Q3 Revenues Missed” on November 08, 2016.
GMED Company Profile
Globus Medical, Inc., incorporated on March 3, 2003, is a medical device company. The Firm is focused on developing products for patients with musculoskeletal disorders. It is focused on products to treat patients with spine disorders. The Company’s products fall under categories, which include Innovative Fusion and Disruptive Technologies. The Innovative Fusion category products include fusion products to treat spinal disorders for the entire spine, and they can be used in various surgical approaches. The Disruptive Technologies category represents a shift in the treatment of spinal disorders by allowing for surgical procedures and the treatment of spinal disorders.
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