Alphatec (NASDAQ:ATEC) Stock Rating Upgraded by Wells Fargo & Company

Alphatec (NASDAQ:ATEC) was upgraded by investment analysts at Wells Fargo & Company to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

A number of other research firms also recently commented on ATEC. TD Cowen reaffirmed a “buy” rating on shares of Alphatec in a report on Tuesday, January 27th. Wall Street Zen raised shares of Alphatec from a “hold” rating to a “buy” rating in a research report on Saturday, January 31st. Weiss Ratings reissued a “sell (e+)” rating on shares of Alphatec in a report on Monday, December 29th. Lake Street Capital reaffirmed a “buy” rating on shares of Alphatec in a report on Wednesday, February 25th. Finally, Barclays raised their price target on Alphatec from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $22.82.

Alphatec Stock Performance

Shares of ATEC stock opened at $12.56 on Wednesday. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -13.22 and a beta of 1.02. Alphatec has a one year low of $8.81 and a one year high of $23.29. The company’s 50-day simple moving average is $14.57 and its 200-day simple moving average is $16.81. The company has a debt-to-equity ratio of 40.35, a quick ratio of 1.28 and a current ratio of 2.06.

Alphatec (NASDAQ:ATEC) last announced its quarterly earnings data on Tuesday, February 24th. The medical technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.02. The firm had revenue of $212.93 million during the quarter, compared to the consensus estimate of $212.67 million. During the same period in the prior year, the firm earned ($0.23) earnings per share. The firm’s quarterly revenue was up 20.4% compared to the same quarter last year. Equities analysts anticipate that Alphatec will post -1.08 earnings per share for the current fiscal year.

Insider Transactions at Alphatec

In other Alphatec news, CEO Patrick Miles sold 100,000 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $21.01, for a total transaction of $2,101,000.00. Following the transaction, the chief executive officer owned 5,135,398 shares of the company’s stock, valued at approximately $107,894,711.98. This trade represents a 1.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David Sponsel sold 163,452 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $12.52, for a total transaction of $2,046,419.04. Following the completion of the sale, the executive vice president directly owned 504,932 shares of the company’s stock, valued at approximately $6,321,748.64. This represents a 24.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 826,972 shares of company stock worth $11,285,386 over the last ninety days. Insiders own 20.90% of the company’s stock.

Hedge Funds Weigh In On Alphatec

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ATEC. Voloridge Investment Management LLC bought a new stake in shares of Alphatec in the 4th quarter worth $321,000. Susquehanna Portfolio Strategies LLC bought a new position in Alphatec during the fourth quarter valued at about $681,000. Numerai GP LLC acquired a new position in Alphatec during the fourth quarter worth about $757,000. Occudo Quantitative Strategies LP raised its position in Alphatec by 235.4% in the fourth quarter. Occudo Quantitative Strategies LP now owns 269,798 shares of the medical technology company’s stock worth $5,677,000 after acquiring an additional 189,348 shares in the last quarter. Finally, Millennium Management LLC raised its position in Alphatec by 292.2% in the fourth quarter. Millennium Management LLC now owns 2,225,927 shares of the medical technology company’s stock worth $46,834,000 after acquiring an additional 1,658,349 shares in the last quarter. 66.35% of the stock is owned by institutional investors.

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.