Alphatec (NASDAQ:ATEC) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Alphatec (NASDAQ:ATEC) from a buy rating to a hold rating in a research report released on Friday morning.

Several other analysts have also recently weighed in on the stock. Morgan Stanley set a $23.00 price objective on shares of Alphatec in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. started coverage on shares of Alphatec in a research report on Friday, October 24th. They issued an “overweight” rating and a $19.00 price target for the company. Barclays increased their price target on Alphatec from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. Wells Fargo & Company lifted their price objective on Alphatec from $14.00 to $16.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Finally, Piper Sandler reissued an “overweight” rating and set a $25.00 target price (up from $20.00) on shares of Alphatec in a report on Friday, October 31st. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Alphatec presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.82.

Alphatec Price Performance

Shares of NASDAQ ATEC opened at $15.62 on Friday. The firm has a market cap of $2.32 billion, a P/E ratio of -15.02 and a beta of 1.01. The business’s 50 day moving average is $20.12 and its 200-day moving average is $16.82. The company has a current ratio of 1.99, a quick ratio of 1.24 and a debt-to-equity ratio of 43.02. Alphatec has a 1-year low of $8.81 and a 1-year high of $23.29.

Alphatec (NASDAQ:ATEC) last issued its quarterly earnings data on Thursday, October 30th. The medical technology company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.09. The firm had revenue of $196.50 million during the quarter, compared to analyst estimates of $182.78 million. During the same period in the prior year, the company earned ($0.28) earnings per share. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. Equities research analysts predict that Alphatec will post -1.08 earnings per share for the current year.

Insider Buying and Selling at Alphatec

In related news, COO Scott Lish sold 19,900 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $19.64, for a total value of $390,836.00. Following the sale, the chief operating officer directly owned 641,432 shares of the company’s stock, valued at $12,597,724.48. This trade represents a 3.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director David M. Demski sold 30,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $21.20, for a total value of $636,000.00. Following the transaction, the director directly owned 399,623 shares of the company’s stock, valued at approximately $8,472,007.60. The trade was a 6.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 3,333,342 shares of company stock worth $68,683,781 over the last quarter. 22.80% of the stock is currently owned by company insiders.

Institutional Trading of Alphatec

Hedge funds have recently added to or reduced their stakes in the stock. Creative Planning grew its stake in shares of Alphatec by 0.9% during the third quarter. Creative Planning now owns 58,654 shares of the medical technology company’s stock worth $853,000 after buying an additional 534 shares during the last quarter. Valeo Financial Advisors LLC grew its position in Alphatec by 2.1% during the 3rd quarter. Valeo Financial Advisors LLC now owns 41,296 shares of the medical technology company’s stock worth $600,000 after acquiring an additional 846 shares during the last quarter. Norden Group LLC increased its holdings in Alphatec by 2.6% in the 3rd quarter. Norden Group LLC now owns 36,676 shares of the medical technology company’s stock worth $533,000 after purchasing an additional 939 shares in the last quarter. Arizona State Retirement System raised its position in Alphatec by 2.8% in the third quarter. Arizona State Retirement System now owns 34,603 shares of the medical technology company’s stock valued at $503,000 after purchasing an additional 949 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of Alphatec by 8.8% during the second quarter. Ameritas Investment Partners Inc. now owns 11,845 shares of the medical technology company’s stock valued at $131,000 after purchasing an additional 955 shares in the last quarter. Institutional investors and hedge funds own 66.35% of the company’s stock.

About Alphatec

Alphatec Holdings, Inc (NASDAQ: ATEC) is a medical technology company focused on the design, development and commercialization of products for the surgical correction of degenerative spinal conditions. The company’s portfolio centers on interbody implants, biologics, fixation devices and surgical planning tools intended to improve patient outcomes in spinal fusion procedures. Alphatec’s flagship offerings include customizable interbody cages, bone graft materials and specialized instrumentation designed for minimally invasive and open spinal surgeries.

Founded as Alphatec Spine in 1985 and rebranded as Alphatec Holdings in 2018, the company has grown from a single-product organization into a multi-platform innovator in the spine market.