Alphatec (NASDAQ:ATEC) Shares Gap Up After Insider Buying Activity

Alphatec Holdings, Inc. (NASDAQ:ATEC)’s stock price gapped up prior to trading on Friday following insider buying activity. The stock had previously closed at $8.84, but opened at $9.55. Alphatec shares last traded at $10.0050, with a volume of 681,499 shares changing hands.

Specifically, CEO Patrick Miles bought 115,000 shares of Alphatec stock in a transaction on 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 owned 5,893,551 shares of the company’s stock, valued at $51,922,184.31. This trade represents a 1.99% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

Several equities analysts have issued reports on ATEC shares. TD Cowen lifted their price target on shares of Alphatec from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Alphatec in a research report on Monday, August 3rd. Stifel Nicolaus dropped their target price on Alphatec from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. UBS Group increased their price target on Alphatec from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Finally, BMO Capital Markets raised their price target on Alphatec from $11.00 to $12.00 and gave the stock an “outperform” rating in a report on Wednesday, August 5th. Thirteen 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 company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.40.

Alphatec Price Performance

The stock has a fifty day moving average of $9.27 and a 200 day moving average of $9.80. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -14.33 and a beta of 0.85. The company has a debt-to-equity ratio of 40.35, a current ratio of 1.89 and a quick ratio of 1.07.

Alphatec (NASDAQ:ATEC) last issued its quarterly earnings results on Tuesday, August 4th. The medical technology company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Alphatec had a negative net margin of 13.49% and a negative return on equity of 6,752.24%. The company had revenue of $213.51 million for the quarter, compared to the consensus estimate of $211.26 million. During the same quarter in the prior year, the company earned $0.02 EPS. Alphatec’s quarterly revenue was up 15.1% on a year-over-year basis. On average, analysts expect that Alphatec Holdings, Inc. will post -0.45 EPS for the current fiscal year.

Institutional Trading of Alphatec

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC lifted its stake in shares of Alphatec by 292.2% in the 4th 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 period. Iron Triangle Partners LP purchased a new position in Alphatec in the fourth quarter valued at $27,051,000. California State Teachers Retirement System raised its position in shares of Alphatec by 743.5% in the second quarter. California State Teachers Retirement System now owns 1,245,358 shares of the medical technology company’s stock worth $10,772,000 after acquiring an additional 1,097,708 shares during the period. Paradigm Capital Management Inc. NY acquired a new position in shares of Alphatec in the second quarter worth about $9,413,000. Finally, Morgan Stanley boosted its stake 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 worth $91,333,000 after acquiring an additional 784,191 shares in the last quarter. Institutional investors and hedge funds 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.