Alphatec (NASDAQ:ATEC) Shares Down 4.2% – Here’s What Happened

Alphatec Holdings, Inc. (NASDAQ:ATEC) shares dropped 4.2% on Thursday . The stock traded as low as $16.28 and last traded at $16.3090. Approximately 1,290,500 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 4,297,394 shares. The stock had previously closed at $17.03.

Analyst Ratings Changes

ATEC has been the topic of a number of recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Alphatec in a research note on Monday, December 29th. Morgan Stanley set a $23.00 target price on shares of Alphatec in a report on Tuesday, December 2nd. Loop Capital set a $25.00 target price on Alphatec in a research report on Wednesday, December 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price target on shares of Alphatec in a report on Monday, January 12th. Finally, Barclays lifted their price target on Alphatec from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday, January 7th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.82.

Alphatec Price Performance

The firm has a market capitalization of $2.35 billion, a PE ratio of -15.19 and a beta of 1.01. 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 business’s 50 day moving average is $20.29 and its two-hundred day moving average is $16.72.

Alphatec (NASDAQ:ATEC) last posted its quarterly earnings data on Thursday, October 30th. The medical technology company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.09. The company had revenue of $196.50 million for the quarter, compared to the consensus estimate of $182.78 million. During the same period in the prior year, the firm posted ($0.28) earnings per share. The business’s revenue was up 30.4% on a year-over-year basis. As a group, research analysts anticipate that Alphatec Holdings, Inc. will post -1.08 EPS for the current year.

Insider Activity

In other Alphatec news, major shareholder Jennifer N. Pritzker sold 250,000 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $20.80, for a total transaction of $5,200,000.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David R. Pelizzon sold 250,000 shares of Alphatec stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $20.80, for a total transaction of $5,200,000.00. Following the transaction, the director 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 SEC filing for this sale provides additional information. In the last three months, insiders have sold 3,403,342 shares of company stock worth $69,816,381. 20.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alphatec

A number of large investors have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd bought a new stake in Alphatec in the third quarter worth $34,000. Osterweis Capital Management Inc. purchased a new position in shares of Alphatec in the second quarter worth about $37,000. Nisa Investment Advisors LLC lifted its stake in shares of Alphatec by 22.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 5,714 shares of the medical technology company’s stock valued at $63,000 after acquiring an additional 1,045 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in Alphatec during the 3rd quarter valued at about $73,000. Finally, FNY Investment Advisers LLC bought a new position in Alphatec during the 3rd quarter worth approximately $74,000. Hedge funds and other institutional investors own 66.35% of the company’s stock.

Alphatec Company Profile

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.