Alphatec’s (ATEC) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Alphatec (NASDAQ:ATEC) in a report issued on Thursday morning,Benzinga reports. The firm currently has a $24.00 price objective on the medical technology company’s stock.

ATEC has been the topic of several other reports. Piper Sandler restated an “overweight” rating and set a $14.00 price objective (down from $25.00) on shares of Alphatec in a research report on Wednesday. TD Cowen lowered their price objective on Alphatec from $20.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday. Stifel Nicolaus dropped their price objective on Alphatec from $24.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, March 9th. Wells Fargo & Company raised Alphatec to a “strong-buy” rating in a research note on Wednesday, March 18th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Alphatec in a report on Friday, March 27th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $18.58.

Alphatec Stock Performance

Shares of ATEC stock traded down $0.06 during trading hours on Thursday, reaching $7.70. 2,374,272 shares of the company traded hands, compared to its average volume of 3,317,199. The firm has a 50-day moving average price of $11.48 and a 200 day moving average price of $15.85. The company has a market cap of $1.18 billion, a P/E ratio of -9.43 and a beta of 0.96. The company has a debt-to-equity ratio of 40.35, a current ratio of 1.90 and a quick ratio of 1.28. Alphatec has a 12-month low of $6.85 and a 12-month high of $23.29.

Alphatec (NASDAQ:ATEC) last released its earnings results on Tuesday, May 5th. The medical technology company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.21). Alphatec had a negative return on equity of 1,183.84% and a negative net margin of 15.93%.The firm had revenue of $192.11 million for the quarter, compared to the consensus estimate of $197.51 million. During the same quarter in the previous year, the business posted ($0.35) EPS. Alphatec’s revenue was up 13.6% on a year-over-year basis. As a group, sell-side analysts predict that Alphatec will post -0.28 earnings per share for the current fiscal year.

Insider Transactions at Alphatec

In other Alphatec news, EVP Craig E. Hunsaker sold 82,765 shares of Alphatec stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $12.45, for a total value of $1,030,424.25. Following the sale, the executive vice president owned 1,726,209 shares of the company’s stock, valued at $21,491,302.05. The trade was a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Tyson Eliot Marshall sold 88,835 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $12.49, for a total value of $1,109,549.15. Following the sale, the general counsel directly owned 559,459 shares in the company, valued at $6,987,642.91. This trade represents a 13.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 629,189 shares of company stock worth $7,801,589. 20.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alphatec

Several large investors have recently bought and sold shares of ATEC. Millennium Management LLC lifted its position in Alphatec by 292.2% during the fourth quarter. Millennium Management LLC now owns 2,225,927 shares of the medical technology company’s stock valued at $46,834,000 after purchasing an additional 1,658,349 shares during the last quarter. Iron Triangle Partners LP purchased a new stake in shares of Alphatec during the 4th quarter valued at about $27,051,000. Morgan Stanley raised its position in shares of Alphatec by 22.0% during the 4th quarter. Morgan Stanley now owns 4,340,936 shares of the medical technology company’s stock valued at $91,333,000 after buying an additional 784,191 shares in the last quarter. Tudor Investment Corp ET AL lifted its holdings in shares of Alphatec by 608.4% in the 3rd quarter. Tudor Investment Corp ET AL now owns 900,491 shares of the medical technology company’s stock valued at $13,093,000 after acquiring an additional 773,367 shares during the last quarter. Finally, M&G PLC purchased a new position in Alphatec in the fourth quarter worth about $14,055,000. Institutional investors 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.