Globus Medical reports after the close on August 6 having recovered from its May earnings shock — and options traders remain firmly positioned for further upside.
The options picture is the clearest signal into this print. Call demand is running well ahead of puts, with the put/call ratio at just 0.15 — below its 20-day average of 0.23 and near the lower end of its 52-week range. That is a notably bullish lean, consistent with what was already apparent heading into the August 4 report. Since that date was a data artifact (earnings are confirmed for August 6), the positioning has held: the ratio has been drifting lower all week, from 0.23 in late July toward the current reading. The stock itself has responded in kind, adding 1.2% on the week and 1.7% over the past month to close at $81.51 — a meaningful recovery from the 12.6% drop that followed the May print.
The analyst debate is less optimistic than options traders. Target cuts have continued to arrive since the August 1 preview: the consensus mean target is around $104, but most of the recent activity has been firms trimming rather than lifting. Stifel holds at $80 — essentially flat to the current price — while UBS initiated at Neutral with an $82 target, bracketing downside rather than projecting upside. Bulls led by Truist (Buy, $100) and RBC (Outperform, $115) still see meaningful room to run, anchored on the ExcelsiusGPS robotics platform, organic revenue momentum, and a five-year EBIT CAGR near 24%. Bears counter that Nevro integration drag is compressing margins, the stock already trades near the UBS ceiling, and larger medtech rivals can out-resource GMED on pricing and distribution. The EV/EBITDA multiple near 9x has compressed modestly over the past month — modest comfort for value-oriented bulls.
Short positioning is not a dominant factor here, but it has moved in an interesting direction. Short interest climbed 12% over the past month to 6.2% of the free float — a meaningful increase — though it eased about 2.7% in the past week as the stock recovered. Borrowing costs remain negligible at 0.52%, and borrow availability is exceptionally loose at around 562% of short interest, meaning there are far more shares available to lend than are currently borrowed. Shorts are growing their position gradually, but the lending market shows no sign of squeeze pressure.
Peer context adds another wrinkle. ATEC gained 11% on the week and CNMD surged nearly 14%, while SYK dropped 3% — the orthopedic space is splitting rather than moving in unison. GMED's modest 1.2% weekly gain sits in the middle of a wide dispersion, suggesting the market is treating each upcoming print as a discrete event. Wednesday's report will test whether GMED's robotics-led growth narrative can survive a second consecutive quarter of integration headwinds, and whether margins are recovering fast enough to justify the gap between the current price and a consensus target that has been drifting lower for three straight months.
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