Wall Street Zen Upgrades Alphatec (NASDAQ:ATEC) to “Buy”

Alphatec (NASDAQ:ATEC) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Several other equities research analysts have also issued reports on ATEC. JPMorgan Chase & Co. initiated coverage on Alphatec in a research note on Friday, October 24th. They set an “overweight” rating and a $19.00 price target for the company. Morgan Stanley set a $23.00 price objective on Alphatec in a report on Tuesday, December 2nd. Canaccord Genuity Group boosted their target price on Alphatec from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alphatec in a research note on Monday, December 29th. Finally, Lake Street Capital set a $25.00 price target on shares of Alphatec and gave the stock a “buy” rating in a research note on Friday, October 31st. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Alphatec currently has a consensus rating of “Moderate Buy” and an average price target of $22.82.

Alphatec Price Performance

Shares of NASDAQ:ATEC opened at $14.83 on Friday. The company’s fifty day moving average price is $19.65 and its 200-day moving average price is $16.97. 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 capitalization of $2.20 billion, a price-to-earnings ratio of -14.26 and a beta of 1.01. Alphatec has a one year low of $8.81 and a one year high of $23.29.

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. On average, equities research analysts anticipate that Alphatec will post -1.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Alphatec news, Director David R. Pelizzon sold 250,000 shares of the business’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $20.62, for a total value of $5,155,000.00. Following the completion of the sale, the director owned 10,895,045 shares in the company, valued at approximately $224,655,827.90. The trade was a 2.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Squadron Capital Llc sold 250,000 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $20.62, for a total value of $5,155,000.00. Following the sale, the insider directly owned 10,895,045 shares of the company’s stock, valued at approximately $224,655,827.90. This trade represents a 2.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,933,342 shares of company stock worth $60,928,781 in the last ninety days. 22.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Alphatec

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Alphatec by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 6,883,626 shares of the medical technology company’s stock valued at $144,831,000 after acquiring an additional 68,568 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Alphatec by 2.6% in the third quarter. American Century Companies Inc. now owns 6,336,491 shares of the medical technology company’s stock worth $92,133,000 after purchasing an additional 159,330 shares during the last quarter. Geode Capital Management LLC increased its holdings in Alphatec by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 2,697,541 shares of the medical technology company’s stock valued at $29,946,000 after purchasing an additional 185,297 shares during the period. Next Century Growth Investors LLC raised its position in Alphatec by 22.8% during the 2nd quarter. Next Century Growth Investors LLC now owns 2,060,735 shares of the medical technology company’s stock valued at $22,874,000 after purchasing an additional 382,057 shares during the last quarter. Finally, Two Sigma Investments LP lifted its holdings in Alphatec by 59.0% in the 3rd quarter. Two Sigma Investments LP now owns 1,794,324 shares of the medical technology company’s stock worth $26,089,000 after buying an additional 665,634 shares during the period. Hedge funds and other 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.