Alphatec (NASDAQ:ATEC) Stock Price Up 5.3% – Here’s Why

Alphatec Holdings, Inc. (NASDAQ:ATEC) shares traded up 5.3% during trading on Thursday . The company traded as high as $9.60 and last traded at $9.5150. 122,796 shares changed hands during trading, a decline of 96% from the average daily volume of 3,215,935 shares. The stock had previously closed at $9.04.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ATEC shares. BMO Capital Markets started coverage on Alphatec in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $11.00 price target for the company. Stifel Nicolaus lowered their price objective on shares of Alphatec from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. HC Wainwright restated a “buy” rating and set a $24.00 target price on shares of Alphatec in a report on Thursday, May 7th. Wells Fargo & Company cut their target price on shares of Alphatec from $28.00 to $14.00 and set an “overweight” rating for the company in a research report on Thursday, May 7th. Finally, Needham & Company LLC reduced their price target on shares of Alphatec from $25.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.46.

Alphatec Price Performance

The company has a debt-to-equity ratio of 40.35, a current ratio of 1.90 and a quick ratio of 1.12. The company has a 50-day moving average price of $8.43 and a 200-day moving average price of $11.85. The firm has a market capitalization of $1.31 billion, a PE ratio of -10.40 and a beta of 0.85.

Insiders Place Their Bets

In other Alphatec news, Director Karen K. Mcginnis sold 6,050 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $8.01, for a total value of $48,460.50. Following the transaction, the director directly owned 94,671 shares in the company, valued at approximately $758,314.71. This represents a 6.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 13.48% of the company’s stock.

Hedge Funds Weigh In On Alphatec

Institutional investors have recently modified their holdings of the company. Millennium Management LLC increased its stake in shares of Alphatec by 292.2% during the 4th quarter. Millennium Management LLC now owns 2,225,927 shares of the medical technology company’s stock valued at $46,834,000 after acquiring an additional 1,658,349 shares during the last quarter. Iron Triangle Partners LP acquired a new stake in shares of Alphatec in the fourth quarter worth approximately $27,051,000. Morgan Stanley grew its holdings in Alphatec by 22.0% in the fourth quarter. Morgan Stanley now owns 4,340,936 shares of the medical technology company’s stock valued at $91,333,000 after purchasing an additional 784,191 shares during the period. Tudor Investment Corp ET AL grew its holdings in Alphatec by 608.4% in the third quarter. Tudor Investment Corp ET AL now owns 900,491 shares of the medical technology company’s stock valued at $13,093,000 after purchasing an additional 773,367 shares during the period. Finally, M&G PLC acquired a new position in Alphatec during the fourth quarter worth approximately $14,055,000. Institutional investors and hedge funds own 66.35% of the company’s stock.

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.