Canaccord Genuity Group Issues Pessimistic Forecast for Alphatec (NASDAQ:ATEC) Stock Price

Alphatec (NASDAQ:ATEC) had its target price lowered by equities researchers at Canaccord Genuity Group from $19.00 to $16.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the medical technology company’s stock. Canaccord Genuity Group‘s target price would indicate a potential upside of 127.27% from the company’s current price.

Other analysts also recently issued reports about the company. Wall Street Zen downgraded Alphatec from a “buy” rating to a “hold” rating in a research report on Sunday, October 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Alphatec in a research report on Friday. Stifel Nicolaus cut their price target on Alphatec from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. JPMorgan Chase & Co. decreased their price objective on shares of Alphatec from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Wells Fargo & Company decreased their price objective on shares of Alphatec from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Friday. Twelve analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.13.

Alphatec Stock Performance

ATEC stock opened at $7.04 on Friday. The company has a market cap of $1.09 billion, a P/E ratio of -12.80 and a beta of 0.88. Alphatec has a 52 week low of $6.81 and a 52 week high of $23.29. The company’s 50-day moving average price is $10.14 and its 200 day moving average price is $10.62.

Alphatec (NASDAQ:ATEC) last announced its quarterly earnings results on Thursday, October 29th. The medical technology company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.01). The firm had revenue of $221.17 million for the quarter, compared to analysts’ expectations of $225.16 million. Alphatec had a negative return on equity of 6,752.24% and a negative net margin of 10.35%. Alphatec’s revenue was up 12.6% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. On average, equities research analysts expect that Alphatec will post -0.45 earnings per share for the current year.

Insider Transactions at Alphatec

In other news, CEO Patrick Miles purchased 115,000 shares of the stock in a transaction dated Thursday, September 10th. The stock was acquired at an average cost of $8.81 per share, for a total transaction of $1,013,150.00. Following the completion of the acquisition, the chief executive officer directly owned 5,893,551 shares in the company, valued at $51,922,184.31. This represents a 1.99% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Tyson Marshall sold 8,168 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, 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 position. The disclosure for this sale is available in the SEC filing. 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. 13.48% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Alphatec

Institutional investors and hedge funds have recently modified their holdings of the company. Summit Securities Group LLC purchased a new stake in Alphatec in the 1st quarter worth approximately $29,000. Sterling Capital Management LLC raised its holdings in Alphatec by 841.5% in the 3rd quarter. Sterling Capital Management LLC now owns 4,105 shares of the medical technology company’s stock valued at $42,000 after acquiring an additional 3,669 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Alphatec during the 2nd quarter worth $52,000. Allworth Financial LP lifted its stake in shares of Alphatec by 82.6% during the 2nd quarter. Allworth Financial LP now owns 6,666 shares of the medical technology company’s stock worth $58,000 after purchasing an additional 3,015 shares during the period. Finally, Chicago Partners Investment Group LLC purchased a new position in shares of Alphatec during the 3rd quarter worth $112,000. Hedge funds and other institutional investors own 66.35% of the company’s stock.

Alphatec Company Profile

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.