Glaukos (NYSE:GKOS) Stock Price Down 9.8% – Here’s What Happened

Glaukos Co. (NYSE:GKOS) shares dropped 9.8% during trading on Monday . The stock traded as low as $94.60 and last traded at $94.00. Approximately 661,123 shares were traded during trading, a decline of 16% from the average daily volume of 791,675 shares. The stock had previously closed at $104.19.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on GKOS shares. Citigroup raised Glaukos from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $132.00 to $162.00 in a research report on Wednesday, December 11th. Morgan Stanley downgraded Glaukos from an “equal weight” rating to an “underweight” rating and set a $120.00 price target for the company. in a report on Monday, December 2nd. Truist Financial boosted their price objective on shares of Glaukos from $152.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, December 18th. BTIG Research raised their target price on shares of Glaukos from $140.00 to $149.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, Mizuho raised shares of Glaukos from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $140.00 to $200.00 in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $163.25.

Glaukos Stock Performance

The stock’s 50-day moving average price is $145.94 and its 200-day moving average price is $138.90. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of -33.56 and a beta of 0.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.71 and a current ratio of 5.54.

Glaukos (NYSE:GKOS) last issued its quarterly earnings data on Thursday, February 20th. The medical instruments supplier reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.02). The firm had revenue of $105.50 million for the quarter, compared to analyst estimates of $100.72 million. Glaukos had a negative return on equity of 16.53% and a negative net margin of 39.04%. As a group, equities research analysts expect that Glaukos Co. will post -1.08 earnings per share for the current year.

Insider Buying and Selling at Glaukos

In other Glaukos news, Director Gilbert H. Kliman sold 10,000 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $150.28, for a total transaction of $1,502,800.00. Following the sale, the director now owns 32,336 shares in the company, valued at approximately $4,859,454.08. This represents a 23.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Joseph E. Gilliam sold 3,328 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $149.85, for a total value of $498,700.80. Following the completion of the transaction, the chief operating officer now directly owns 102,169 shares of the company’s stock, valued at approximately $15,310,024.65. This trade represents a 3.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,744 shares of company stock worth $2,792,151. 6.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. WCM Investment Management LLC raised its position in shares of Glaukos by 45.7% in the third quarter. WCM Investment Management LLC now owns 99,155 shares of the medical instruments supplier’s stock valued at $12,721,000 after buying an additional 31,084 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Glaukos by 186.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 13,726 shares of the medical instruments supplier’s stock worth $1,788,000 after acquiring an additional 8,942 shares during the period. First Turn Management LLC acquired a new position in Glaukos in the 3rd quarter valued at $12,520,000. Harbor Capital Advisors Inc. acquired a new position in Glaukos in the 4th quarter valued at $3,679,000. Finally, Victory Capital Management Inc. lifted its stake in shares of Glaukos by 421.8% during the 3rd quarter. Victory Capital Management Inc. now owns 79,211 shares of the medical instruments supplier’s stock worth $10,320,000 after purchasing an additional 64,031 shares during the period. 99.04% of the stock is currently owned by hedge funds and other institutional investors.

About Glaukos

Glaukos Corporation, an ophthalmic pharmaceutical and medical technology company, focuses on the development of novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. It offers iStent and iStent inject W micro-bypass stents that enhance aqueous humor outflow inserted in cataract surgery to treat mild-to-moderate open-angle glaucoma.