Alphatec (NASDAQ:ATEC) Shares Gap Down Following Weak Earnings

Alphatec Holdings, Inc. (NASDAQ:ATEC) shares gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $13.58, but opened at $11.64. Alphatec shares last traded at $10.99, with a volume of 1,964,408 shares trading hands.

The medical technology company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.01). The company had revenue of $138.48 million for the quarter, compared to analyst estimates of $134.07 million. Alphatec’s revenue was up 26.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.40) earnings per share.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ATEC. Wells Fargo & Company began coverage on shares of Alphatec in a research note on Friday, February 9th. They issued an “overweight” rating and a $26.00 price objective for the company. Canaccord Genuity Group reissued a “buy” rating and issued a $25.00 price objective on shares of Alphatec in a research note on Wednesday, March 20th. Piper Sandler dropped their price target on shares of Alphatec from $19.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price target on shares of Alphatec in a research note on Monday, March 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $23.00 price target on shares of Alphatec in a research note on Wednesday. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Alphatec currently has an average rating of “Moderate Buy” and an average target price of $22.89.

Insider Transactions at Alphatec

In other news, CFO John Todd Koning sold 121,601 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $13.30, for a total transaction of $1,617,293.30. Following the completion of the sale, the chief financial officer now directly owns 430,856 shares in the company, valued at $5,730,384.80. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Alphatec news, EVP David Sponsel sold 2,500 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $16.16, for a total value of $40,400.00. Following the completion of the sale, the executive vice president now directly owns 637,418 shares in the company, valued at $10,300,674.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John Todd Koning sold 121,601 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.30, for a total transaction of $1,617,293.30. Following the completion of the sale, the chief financial officer now owns 430,856 shares of the company’s stock, valued at $5,730,384.80. The disclosure for this sale can be found here. Insiders sold a total of 285,069 shares of company stock worth $3,971,495 over the last three months. 29.12% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alphatec

A number of large investors have recently bought and sold shares of ATEC. First Light Asset Management LLC grew its holdings in Alphatec by 97.0% in the fourth quarter. First Light Asset Management LLC now owns 5,976,851 shares of the medical technology company’s stock worth $90,310,000 after purchasing an additional 2,943,310 shares during the period. Cerity Partners LLC acquired a new stake in Alphatec in the fourth quarter worth $28,451,000. Artisan Partners Limited Partnership acquired a new stake in Alphatec in the fourth quarter worth $19,050,000. abrdn plc grew its holdings in shares of Alphatec by 276.7% during the third quarter. abrdn plc now owns 1,382,770 shares of the medical technology company’s stock valued at $17,935,000 after buying an additional 1,015,668 shares during the last quarter. Finally, Fred Alger Management LLC grew its holdings in shares of Alphatec by 48.9% during the third quarter. Fred Alger Management LLC now owns 2,336,718 shares of the medical technology company’s stock valued at $30,307,000 after buying an additional 767,280 shares during the last quarter. 66.35% of the stock is currently owned by institutional investors and hedge funds.

Alphatec Price Performance

The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -6.84 and a beta of 1.48. The business’s fifty day moving average price is $13.25 and its 200-day moving average price is $13.54. The company has a debt-to-equity ratio of 6.54, a current ratio of 2.86 and a quick ratio of 1.99.

Alphatec Company Profile

Alphatec Holdings, Inc, a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally. It manufactures and sells implants and instruments through third-party suppliers. The company offers Alpha InformatiX product platform, including EOS imaging system that provides full-body imaging; VEA alignment mobile application, which leverages EOS technology to more quickly quantify alignment parameters on a mobile device; SafeOp Neural InformatiX System that automates electromyographic and somatosensory evoked potential monitoring; and Valence, an intra-operative system that integrates navigation and robotics into spine procedures, as well as Sigma Prone TransPsoas (PTP) Access and PTP Patient Positioning Systems.