Wall Street Zen Downgrades Alphatec (NASDAQ:ATEC) to Hold

Alphatec (NASDAQ:ATEC) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Friday.

Several other research analysts have also recently commented on the stock. Canaccord Genuity Group raised their target price on shares of Alphatec from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Wells Fargo & Company raised their price objective on Alphatec from $14.00 to $16.00 and gave the stock an “overweight” rating in a research note on Thursday, October 16th. Lake Street Capital set a $25.00 target price on Alphatec and gave the company a “buy” rating in a research report on Friday, October 31st. Barclays raised 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. Finally, JPMorgan Chase & Co. initiated coverage on shares of Alphatec in a research report on Friday, October 24th. They set an “overweight” rating and a $19.00 price objective for the company. 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.82.

Alphatec Stock Performance

NASDAQ:ATEC opened at $15.62 on Friday. The stock has a 50 day simple moving average of $20.12 and a 200 day simple moving average of $16.79. The stock has a market cap of $2.32 billion, a P/E ratio of -15.02 and a beta of 1.01. Alphatec has a 1-year low of $8.81 and a 1-year high of $23.29. 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 (NASDAQ:ATEC) last posted its quarterly earnings data on Thursday, October 30th. The medical technology company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.09. The firm had revenue of $196.50 million for the quarter, compared to the consensus estimate of $182.78 million. During the same quarter in the previous year, the business earned ($0.28) EPS. The firm’s quarterly revenue was up 30.4% on a year-over-year basis. Research analysts anticipate that Alphatec will post -1.08 earnings per share for the current year.

Insider Transactions at Alphatec

In related news, major shareholder Squadron Capital Llc sold 250,000 shares of Alphatec stock in a transaction on Monday, November 24th. The shares were sold at an average price of $20.62, for a total transaction of $5,155,000.00. Following the completion of the transaction, the insider owned 10,895,045 shares of the company’s stock, valued at $224,655,827.90. This trade represents a 2.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Jennifer N. Pritzker sold 250,000 shares of the company’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $20.62, for a total transaction of $5,155,000.00. Following the sale, the insider directly owned 10,895,045 shares in the company, valued at $224,655,827.90. This trade represents a 2.24% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 3,333,342 shares of company stock worth $68,683,781. Company insiders own 20.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd bought a new stake in shares of Alphatec during the 3rd quarter valued at about $34,000. Osterweis Capital Management Inc. bought a new position in shares of Alphatec during the 2nd quarter worth approximately $37,000. Nisa Investment Advisors LLC grew its position in shares of Alphatec by 22.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,714 shares of the medical technology company’s stock worth $63,000 after buying an additional 1,045 shares during the period. China Universal Asset Management Co. Ltd. bought a new stake in shares of Alphatec in the 3rd quarter valued at $73,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Alphatec during the 3rd quarter valued at $74,000. 66.35% of the stock is owned by institutional investors.

Alphatec Company Profile

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.