Alphatec (NASDAQ:ATEC) Issues Quarterly Earnings Results, Hits Expectations

Alphatec (NASDAQ:ATEC) issued its quarterly earnings data on Tuesday. The medical technology company reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07, FiscalAI reports. The firm had revenue of $213.51 million for the quarter, compared to analyst estimates of $211.26 million. Alphatec had a negative return on equity of 1,183.84% and a negative net margin of 15.93%.

Alphatec Price Performance

NASDAQ ATEC traded up $0.20 during midday trading on Tuesday, hitting $10.35. The company had a trading volume of 4,374,689 shares, compared to its average volume of 3,149,063. The firm has a 50-day moving average price of $8.66 and a 200-day moving average price of $10.87. The company has a market capitalization of $1.59 billion, a PE ratio of -12.62 and a beta of 0.85. The company has a current ratio of 1.90, a quick ratio of 1.12 and a debt-to-equity ratio of 40.35. Alphatec has a twelve month low of $6.82 and a twelve month high of $23.29.

Analyst Ratings Changes

A number of research firms have recently weighed in on ATEC. Weiss Ratings raised Alphatec from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 6th. Piper Sandler restated an “overweight” rating and issued a $14.00 price target (down from $25.00) on shares of Alphatec in a research note on Wednesday, May 6th. Barclays lowered their price target on shares of Alphatec from $27.00 to $24.00 and set an “overweight” rating on the stock in a research report on Thursday, May 7th. TD Cowen dropped their price objective on shares of Alphatec from $20.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Finally, Canaccord Genuity Group cut their price objective on shares of Alphatec from $25.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Alphatec currently has a consensus rating of “Moderate Buy” and an average price target of $17.13.

Insider Activity

In other news, Director Karen K. Mcginnis sold 6,050 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $8.01, for a total transaction of $48,460.50. Following the sale, the director directly owned 94,671 shares of the company’s stock, 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 SEC, which can be accessed through this hyperlink. 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. Company insiders own 13.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. increased its holdings in Alphatec by 157.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,571 shares of the medical technology company’s stock valued at $54,000 after buying an additional 1,571 shares during the period. Osterweis Capital Management Inc. bought a new stake in shares of Alphatec during the 2nd quarter worth approximately $37,000. Focus Partners Wealth bought a new stake in shares of Alphatec during the 3rd quarter worth approximately $138,000. State of Wyoming acquired a new stake in shares of Alphatec during the 2nd quarter worth approximately $124,000. Finally, Van ECK Associates Corp boosted its position in shares of Alphatec by 26.1% during the 4th quarter. Van ECK Associates Corp now owns 11,318 shares of the medical technology company’s stock worth $238,000 after acquiring an additional 2,342 shares in the last quarter. Institutional investors and hedge funds own 66.35% of the company’s stock.

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.