Glaukos (NYSE:GKOS) Shares Down 6.6% After Analyst Downgrade

Shares of Glaukos Co. (NYSE:GKOS - Get Free Report) traded down 6.6% during trading on Wednesday after Piper Sandler lowered their price target on the stock from $180.00 to $165.00. Piper Sandler currently has an overweight rating on the stock. Glaukos traded as low as $88.00 and last traded at $88.25. 273,197 shares were traded during mid-day trading, a decline of 69% from the average session volume of 882,460 shares. The stock had previously closed at $94.52.

A number of other analysts also recently issued reports on GKOS. Wells Fargo & Company raised their price target on shares of Glaukos from $153.00 to $160.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Needham & Company LLC upped their target price on shares of Glaukos from $149.00 to $176.00 and gave the company a "buy" rating in a research report on Friday, February 21st. Mizuho upgraded shares of Glaukos from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $140.00 to $200.00 in a report on Wednesday, February 19th. Stifel Nicolaus boosted their target price on Glaukos from $153.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, December 31st. Finally, Truist Financial lowered their price target on Glaukos from $185.00 to $140.00 and set a "buy" rating for the company in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $158.25.

Get Our Latest Stock Analysis on GKOS

Insider Activity

In other Glaukos news, insider Tomas Navratil sold 3,416 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $147.14, for a total value of $502,630.24. Following the transaction, the insider now directly owns 72,437 shares in the company, valued at $10,658,380.18. This represents a 4.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Alex R. Thurman sold 1,520 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $106.84, for a total transaction of $162,396.80. Following the sale, the chief financial officer now owns 53,431 shares of the company's stock, valued at $5,708,568.04. This represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.40% of the company's stock.

Institutional Trading of Glaukos

Several institutional investors and hedge funds have recently made changes to their positions in GKOS. Harbor Capital Advisors Inc. purchased a new position in shares of Glaukos during the fourth quarter worth approximately $3,679,000. Sanctuary Advisors LLC acquired a new position in Glaukos in the third quarter valued at $258,000. Rhumbline Advisers raised its holdings in shares of Glaukos by 0.3% in the fourth quarter. Rhumbline Advisers now owns 141,790 shares of the medical instruments supplier's stock valued at $21,260,000 after buying an additional 403 shares during the last quarter. IFP Advisors Inc acquired a new stake in shares of Glaukos during the fourth quarter worth about $43,000. Finally, US Bancorp DE grew its holdings in shares of Glaukos by 8.3% during the fourth quarter. US Bancorp DE now owns 6,099 shares of the medical instruments supplier's stock worth $914,000 after buying an additional 470 shares during the last quarter. 99.04% of the stock is owned by hedge funds and other institutional investors.

Glaukos Price Performance

The company has a 50-day moving average of $111.68 and a 200-day moving average of $132.18. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.71 and a current ratio of 5.54. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of -30.83 and a beta of 0.88.

Glaukos (NYSE:GKOS - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The medical instruments supplier reported ($0.40) earnings per share 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 company had revenue of $105.50 million for the quarter, compared to analyst estimates of $100.72 million. As a group, equities research analysts predict that Glaukos Co. will post -1.08 earnings per share for the current year.

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.

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