Alphatec (NASDAQ:ATEC) Stock Gets Downgrade from BMO Capital Markets

Alphatec (NASDAQ:ATEC) was downgraded by equities researchers at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued on Friday, Marketbeat Ratings reports. They presently have a $8.00 price target on the medical technology company’s stock. BMO Capital Markets‘s price target points to a potential downside of 29.64% from the company’s current price.

ATEC has been the topic of several other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alphatec in a research note on Monday, August 3rd. Stephens began coverage on shares of Alphatec in a research note on Thursday, July 23rd. They set an “overweight” rating and a $15.00 price objective for the company. Wall Street Zen cut Alphatec from a “buy” rating to a “hold” rating in a report on Sunday, October 11th. Stifel Nicolaus lowered their target price on Alphatec from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday, July 8th. Finally, UBS Group upped their target price on Alphatec from $15.00 to $16.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Alphatec presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Alphatec Stock Down 0.7%

Shares of ATEC opened at $11.37 on Friday. Alphatec has a twelve month low of $6.82 and a twelve month high of $23.29. The stock has a market capitalization of $1.76 billion, a P/E ratio of -16.01 and a beta of 0.78. The company has a 50 day moving average of $10.18 and a 200-day moving average of $10.67.

Alphatec (NASDAQ:ATEC) last announced its quarterly earnings data on Thursday, October 29th. The medical technology company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). Alphatec had a negative return on equity of 6,752.24% and a negative net margin of 13.49%. The business had revenue of $221.17 million during the quarter, compared to the consensus estimate of $225.16 million. During the same period in the prior year, the firm earned $0.03 EPS. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Alphatec will post -0.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Alphatec

In other Alphatec news, General Counsel Tyson Marshall sold 8,168 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $9.65, for a total transaction of $78,821.20. Following the sale, the general counsel directly owned 630,398 shares of the company’s stock, valued at approximately $6,083,340.70. This represents a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available 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. Also, CEO Patrick Miles purchased 115,000 shares of the business’s stock in a transaction on Thursday, September 10th. The stock was purchased at an average price of $8.81 per share, with a total value of $1,013,150.00. Following the purchase, the chief executive officer owned 5,893,551 shares of the company’s stock, valued at approximately $51,922,184.31. The trade was a 1.99% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 13.48% of the company’s stock.

Institutional Investors Weigh In On Alphatec

Hedge funds have recently bought and sold shares of the company. State of Wyoming grew its holdings in Alphatec by 87.7% during the third quarter. State of Wyoming now owns 30,666 shares of the medical technology company’s stock worth $316,000 after purchasing an additional 14,328 shares during the period. Sterling Capital Management LLC raised its stake in Alphatec by 841.5% in the third quarter. Sterling Capital Management LLC now owns 4,105 shares of the medical technology company’s stock valued at $42,000 after buying an additional 3,669 shares during the period. Kopp Family Office LLC raised its stake in Alphatec by 0.4% in the third quarter. Kopp Family Office LLC now owns 330,266 shares of the medical technology company’s stock valued at $3,408,000 after buying an additional 1,303 shares during the period. AA Financial Advisors LLC raised its stake in Alphatec by 140.5% in the third quarter. AA Financial Advisors LLC now owns 48,094 shares of the medical technology company’s stock valued at $496,000 after buying an additional 28,094 shares during the period. Finally, Congress Asset Management Co. lifted its position in shares of Alphatec by 20.7% in the third quarter. Congress Asset Management Co. now owns 532,069 shares of the medical technology company’s stock valued at $5,491,000 after buying an additional 91,431 shares during the last quarter. 66.35% of the stock is currently owned by institutional investors and hedge funds.

About Alphatec

Alphatec Holdings, Inc is a medical technology company focused on the design, development and commercialization of products and procedural solutions for spine surgery. The company aims to improve the treatment of spinal disorders through technologies that support spinal fusion, deformity correction, reconstruction and minimally invasive procedures.

Its portfolio includes spinal implants, surgical instruments, navigation and imaging technologies, and intraoperative monitoring solutions.