Envestnet Asset Management Inc. Cuts Holdings in Alphatec Holdings, Inc. $ATEC

Envestnet Asset Management Inc. cut its holdings in Alphatec Holdings, Inc. (NASDAQ:ATEC) by 67.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,792 shares of the medical technology company’s stock after selling 255,238 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Alphatec were worth $1,771,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ATEC. Osterweis Capital Management Inc. purchased a new position in Alphatec in the second quarter worth $37,000. Nisa Investment Advisors LLC grew its stake 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 purchasing an additional 1,045 shares during the period. State of Alaska Department of Revenue purchased a new position in shares of Alphatec in the 3rd quarter valued at about $120,000. State of Wyoming purchased a new position in shares of Alphatec in the 2nd quarter valued at about $124,000. Finally, Olympiad Research LP acquired a new stake in shares of Alphatec in the second quarter valued at about $127,000. Institutional investors and hedge funds own 66.35% of the company’s stock.

Insider Activity

In other Alphatec news, CEO Patrick Miles sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $22.11, for a total transaction of $2,211,000.00. Following the completion of the sale, the chief executive officer directly owned 5,264,078 shares in the company, valued at $116,388,764.58. The trade was a 1.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Squadron Capital Llc sold 221,166 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $21.20, for a total transaction of $4,688,719.20. Following the completion of the transaction, the insider directly owned 10,673,879 shares in the company, valued at approximately $226,286,234.80. This represents a 2.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,436,125 shares of company stock valued at $29,385,878 over the last quarter. 20.90% of the stock is owned by insiders.

Alphatec Price Performance

ATEC opened at $13.62 on Friday. Alphatec Holdings, Inc. has a 1 year low of $8.81 and a 1 year high of $23.29. The company has a debt-to-equity ratio of 40.35, a quick ratio of 1.24 and a current ratio of 2.06. The company’s 50 day simple moving average is $16.74 and its 200 day simple moving average is $17.10. The stock has a market capitalization of $2.06 billion, a PE ratio of -14.34 and a beta of 1.01.

Alphatec (NASDAQ:ATEC) last announced its quarterly earnings results on Tuesday, February 24th. The medical technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.02. The company had revenue of $212.93 million during the quarter, compared to analyst estimates of $212.67 million. During the same quarter last year, the business earned ($0.23) EPS. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. As a group, sell-side analysts expect that Alphatec Holdings, Inc. will post -1.08 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ATEC shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alphatec in a report on Monday, December 29th. Morgan Stanley set a $23.00 target price on shares of Alphatec in a research note on Tuesday, December 2nd. Barclays raised their price target on shares of Alphatec from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 7th. Loop Capital set a $25.00 price objective on shares of Alphatec in a research report on Wednesday, December 10th. Finally, Piper Sandler reissued an “overweight” rating on shares of Alphatec in a research note on Wednesday. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Alphatec currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.82.

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.