Glaukos (NYSE:GKOS) Shares Gap Down After Earnings Miss

Glaukos Co. (NYSE:GKOS) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $157.36, but opened at $141.35. Glaukos shares last traded at $139.40, with a volume of 991,896 shares trading hands.

The medical instruments supplier reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.02). Glaukos had a negative return on equity of 16.53% and a negative net margin of 39.04%. The business had revenue of $105.50 million for the quarter, compared to analysts’ expectations of $100.72 million.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GKOS. Stifel Nicolaus raised their price target on shares of Glaukos from $153.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, December 31st. Truist Financial raised their price objective on shares of Glaukos from $152.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Citigroup raised shares of Glaukos from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $132.00 to $162.00 in a research note on Wednesday, December 11th. Piper Sandler reaffirmed an “overweight” rating and set a $180.00 price objective (up previously from $140.00) on shares of Glaukos in a research note on Monday, January 27th. Finally, Morgan Stanley cut shares of Glaukos from an “equal weight” rating to an “underweight” rating and set a $120.00 price objective on the stock. in a research note on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $163.25.

Insider Activity at Glaukos

In other Glaukos news, insider Tomas Navratil sold 3,416 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $147.14, for a total value of $502,630.24. Following the transaction, the insider now owns 72,437 shares in the company, valued at approximately $10,658,380.18. This trade represents a 4.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Joseph E. Gilliam sold 3,328 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were 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 owns 102,169 shares in the company, valued at $15,310,024.65. The trade was a 3.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,744 shares of company stock valued at $2,792,151. 6.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GKOS. Creative Planning lifted its holdings in Glaukos by 64.1% in the 3rd quarter. Creative Planning now owns 12,643 shares of the medical instruments supplier’s stock valued at $1,647,000 after purchasing an additional 4,937 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in Glaukos by 31.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 75,798 shares of the medical instruments supplier’s stock valued at $9,875,000 after purchasing an additional 18,067 shares in the last quarter. Values First Advisors Inc. purchased a new position in shares of Glaukos during the 3rd quarter worth $25,000. Louisiana State Employees Retirement System raised its holdings in shares of Glaukos by 5.1% during the 3rd quarter. Louisiana State Employees Retirement System now owns 26,600 shares of the medical instruments supplier’s stock worth $3,465,000 after acquiring an additional 1,300 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in shares of Glaukos by 6.0% during the 3rd quarter. State of Alaska Department of Revenue now owns 31,357 shares of the medical instruments supplier’s stock worth $4,085,000 after acquiring an additional 1,785 shares during the period. Hedge funds and other institutional investors own 99.04% of the company’s stock.

Glaukos Stock Performance

The company has a current ratio of 5.54, a quick ratio of 4.71 and a debt-to-equity ratio of 0.19. The firm has a fifty day moving average price of $152.75 and a 200 day moving average price of $139.41. The firm has a market cap of $6.95 billion, a PE ratio of -43.91 and a beta of 1.04.

Glaukos Company Profile

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.