HC Wainwright Reaffirms “Buy” Rating for Alphatec (NASDAQ:ATEC)

Alphatec (NASDAQ:ATEC)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They presently have a $24.00 price target on the medical technology company’s stock. HC Wainwright’s price objective suggests a potential upside of 34.00% from the stock’s previous close.

Several other brokerages have also recently weighed in on ATEC. Lake Street Capital set a $25.00 price objective on shares of Alphatec and gave the stock a “buy” rating in a research note on Friday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Alphatec in a report on Monday. Weiss Ratings restated a “sell (e+)” rating on shares of Alphatec in a research report on Monday, December 29th. Wall Street Zen upgraded Alphatec from a “hold” rating to a “buy” rating in a research report on Saturday, January 3rd. Finally, Barclays increased their target price on Alphatec from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, January 7th. Nine 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.82.

Alphatec Price Performance

Shares of Alphatec stock traded down $4.74 during midday trading on Monday, hitting $17.91. 7,494,133 shares of the company were exchanged, compared to its average volume of 3,008,883. The firm has a 50 day simple moving average of $20.74 and a 200-day simple moving average of $16.42. The company has a debt-to-equity ratio of 43.02, a current ratio of 1.99 and a quick ratio of 1.24. The firm has a market cap of $2.66 billion, a P/E ratio of -17.22 and a beta of 1.01. Alphatec has a 52 week low of $8.81 and a 52 week high of $23.29.

Alphatec (NASDAQ:ATEC) last released its quarterly earnings data on Thursday, October 30th. The medical technology company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.09. The company had revenue of $196.50 million for the quarter, compared to analyst estimates of $182.78 million. During the same quarter in the prior year, the company earned ($0.28) earnings per share. The business’s revenue was up 30.4% compared to the same quarter last year. Research analysts forecast that Alphatec will post -1.08 earnings per share for the current year.

Insider Activity at Alphatec

In related news, major shareholder Jennifer N. Pritzker sold 250,000 shares of Alphatec stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $20.80, for a total value of $5,200,000.00. Following the completion of the sale, the insider directly owned 11,145,045 shares in the company, valued at $231,816,936. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Squadron Capital Llc sold 250,000 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $20.80, for a total value of $5,200,000.00. Following the sale, the insider directly owned 11,145,045 shares of the company’s stock, valued at $231,816,936. This represents a 2.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,403,342 shares of company stock worth $69,816,381 over the last 90 days. Insiders own 22.80% of the company’s stock.

Institutional Trading of Alphatec

A number of institutional investors have recently bought and sold shares of ATEC. Creative Planning raised its position in shares of Alphatec by 0.9% during the 3rd quarter. Creative Planning now owns 58,654 shares of the medical technology company’s stock valued at $853,000 after acquiring an additional 534 shares during the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Alphatec by 2.1% during the third quarter. Valeo Financial Advisors LLC now owns 41,296 shares of the medical technology company’s stock worth $600,000 after purchasing an additional 846 shares during the period. Norden Group LLC grew its stake in shares of Alphatec by 2.6% during the third quarter. Norden Group LLC now owns 36,676 shares of the medical technology company’s stock worth $533,000 after purchasing an additional 939 shares during the period. Arizona State Retirement System increased its holdings in Alphatec by 2.8% in the third quarter. Arizona State Retirement System now owns 34,603 shares of the medical technology company’s stock valued at $503,000 after purchasing an additional 949 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its stake in Alphatec by 8.8% in the second quarter. Ameritas Investment Partners Inc. now owns 11,845 shares of the medical technology company’s stock valued at $131,000 after buying an additional 955 shares during the period. 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.