Alphatec (NASDAQ:ATEC) Shares Down 4.2% – Here’s Why

Alphatec Holdings, Inc. (NASDAQ:ATEC) shares traded down 4.2% on Thursday . The company traded as low as $16.28 and last traded at $16.3090. 1,290,500 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 4,297,394 shares. The stock had previously closed at $17.03.

Analysts Set New Price Targets

Several research firms recently commented on ATEC. Wall Street Zen cut shares of Alphatec from a “buy” rating to a “hold” rating in a report on Friday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alphatec in a research note on Monday, December 29th. Morgan Stanley set a $23.00 price objective on Alphatec in a research report on Tuesday, December 2nd. Barclays upped their target price on Alphatec from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. Finally, Lake Street Capital set a $25.00 price target on Alphatec and gave the stock a “buy” rating in a research note on Friday, October 31st. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $22.82.

Alphatec Price Performance

The company’s 50-day simple moving average is $20.12 and its 200 day simple moving average is $16.75. The company has a quick ratio of 1.24, a current ratio of 1.99 and a debt-to-equity ratio of 43.02. The stock has a market capitalization of $2.32 billion, a price-to-earnings ratio of -15.02 and a beta of 1.01.

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

Insider Activity

In other Alphatec news, EVP Craig E. Hunsaker sold 32,584 shares of the stock in a transaction that occurred on Wednesday, December 10th. The stock was sold at an average price of $20.84, for a total transaction of $679,050.56. Following the transaction, the executive vice president owned 1,256,558 shares in the company, valued at $26,186,668.72. This trade represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David M. Demski sold 30,000 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $21.20, for a total transaction of $636,000.00. Following the sale, the director directly owned 399,623 shares of the company’s stock, valued at approximately $8,472,007.60. This represents a 6.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 3,333,342 shares of company stock valued at $68,683,781. Insiders own 20.90% of the company’s stock.

Institutional Investors Weigh In On Alphatec

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd acquired a new position in shares of Alphatec in the third quarter valued at $34,000. Osterweis Capital Management Inc. acquired a new position in shares of Alphatec in the 2nd quarter valued at $37,000. Nisa Investment Advisors LLC lifted its holdings 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 acquiring an additional 1,045 shares during the period. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Alphatec during the 3rd quarter valued at about $73,000. Finally, FNY Investment Advisers LLC bought a new stake in Alphatec in the third quarter valued at about $74,000. 66.35% of the stock is owned by institutional investors and hedge funds.

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.