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

Alphatec Holdings, Inc. (NASDAQ:ATEC)’s stock price gapped down before the market opened 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) earnings per share 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 the consensus estimate of $134.07 million. During the same quarter in the previous year, the company earned ($0.40) EPS. The business’s revenue was up 26.9% compared to the same quarter last year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ATEC shares. Wells Fargo & Company started coverage on shares of Alphatec in a research report on Friday, February 9th. They issued an “overweight” rating and a $26.00 price target on the stock. HC Wainwright reiterated a “buy” rating and set a $20.00 price objective on shares of Alphatec in a research report on Monday, March 4th. Canaccord Genuity Group reiterated a “buy” rating and set a $25.00 price objective on shares of Alphatec in a research report on Wednesday, March 20th. Piper Sandler cut their price objective on shares of Alphatec from $19.00 to $17.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $23.00 price objective on shares of Alphatec in a research report on Wednesday. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.89.

Insider Activity

In other news, EVP David Sponsel sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $16.16, for a total transaction of $40,400.00. Following the completion of the sale, the executive vice president now directly owns 637,418 shares of the company’s stock, valued at $10,300,674.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, General Counsel Tyson Eliot Marshall sold 11,825 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $13.30, for a total value of $157,272.50. Following the completion of the transaction, the general counsel now directly owns 305,095 shares of the company’s stock, valued at approximately $4,057,763.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP David Sponsel sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $16.16, for a total value of $40,400.00. Following the sale, the executive vice president now directly owns 637,418 shares in the company, valued at approximately $10,300,674.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 285,069 shares of company stock valued at $3,971,495. 29.12% of the stock is currently owned by company insiders.

Institutional Trading of Alphatec

Hedge funds have recently modified their holdings of the company. Amalgamated Bank boosted its holdings in shares of Alphatec by 7.3% in the 4th quarter. Amalgamated Bank now owns 9,720 shares of the medical technology company’s stock valued at $147,000 after buying an additional 660 shares in the last quarter. Valeo Financial Advisors LLC boosted its holdings in shares of Alphatec by 5.0% in the 4th quarter. Valeo Financial Advisors LLC now owns 19,025 shares of the medical technology company’s stock valued at $287,000 after buying an additional 900 shares in the last quarter. RiverPark Advisors LLC boosted its holdings in shares of Alphatec by 22.6% in the 4th quarter. RiverPark Advisors LLC now owns 5,033 shares of the medical technology company’s stock valued at $76,000 after buying an additional 928 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Alphatec by 5.0% in the 4th quarter. Handelsbanken Fonder AB now owns 20,900 shares of the medical technology company’s stock valued at $316,000 after buying an additional 1,000 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its holdings in shares of Alphatec by 4.7% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 22,904 shares of the medical technology company’s stock valued at $297,000 after buying an additional 1,030 shares in the last quarter. 66.35% of the stock is owned by hedge funds and other institutional investors.

Alphatec Stock Down 21.9 %

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

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.