Alphatec (NASDAQ:ATEC) Price Target Cut to $20.00 by Analysts at HC Wainwright

Alphatec (NASDAQ:ATEC) had its price target trimmed by HC Wainwright from $24.00 to $20.00 in a research note released on Friday,Benzinga reports. The brokerage currently has a buy rating on the medical technology company’s stock.

Several other brokerages have also recently commented on ATEC. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alphatec in a report on Friday, October 30th. Stephens initiated coverage on shares of Alphatec in a report on Thursday, July 23rd. They set an “overweight” rating and a $15.00 price target on the stock. TD Cowen reduced their price target on shares of Alphatec from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Friday, October 30th. JPMorgan Chase & Co. decreased their price objective on shares of Alphatec from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, October 30th. Finally, Wells Fargo & Company decreased their price objective on shares of Alphatec from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Friday, October 30th. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $15.37.

Alphatec Trading Up 0.1%

Shares of NASDAQ:ATEC opened at $7.07 on Friday. Alphatec has a one year low of $6.81 and a one year high of $23.29. The stock has a fifty day moving average of $9.75 and a 200-day moving average of $10.17.

Alphatec (NASDAQ:ATEC) last issued its earnings results on Thursday, October 29th. The medical technology company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The company had revenue of $221.17 million during the quarter, compared to analyst estimates of $225.16 million. Alphatec had a negative return on equity of 6,752.24% and a negative net margin of 10.35%. The business’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. As a group, equities research analysts anticipate that Alphatec will post -0.40 earnings per share for the current fiscal year.

Insider Activity

In other Alphatec news, Director David Demski bought 60,000 shares of the company’s stock in a transaction dated Friday, October 30th. The shares were bought at an average price of $6.81 per share, for a total transaction of $408,600.00. Following the acquisition, the director directly owned 491,635 shares of the company’s stock, valued at approximately $3,348,034.35. This trade represents a 13.90% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Patrick Miles purchased 115,000 shares of Alphatec stock in a transaction dated Thursday, September 10th. The stock was bought at an average cost of $8.81 per share, with a total value of $1,013,150.00. Following the completion of the transaction, the chief executive officer directly owned 5,893,551 shares of the company’s stock, valued at $51,922,184.31. This represents a 1.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 13.48% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Paradigm Capital Management Inc. NY purchased a new stake in shares of Alphatec during the 2nd quarter worth about $9,413,000. Bank of America Corp DE lifted its holdings in shares of Alphatec by 26.9% during the 1st quarter. Bank of America Corp DE now owns 2,560,971 shares of the medical technology company’s stock valued at $27,863,000 after buying an additional 543,059 shares during the last quarter. FirstWave Capital Management LLC acquired a new stake in shares of Alphatec during the 2nd quarter valued at about $1,244,000. Bank of New York Mellon Corp bought a new stake in shares of Alphatec in the 2nd quarter valued at approximately $3,092,000. Finally, Great Lakes Advisors LLC bought a new stake in shares of Alphatec in the 2nd quarter valued at approximately $2,423,000. Institutional investors and hedge funds own 66.35% of the company’s stock.

Alphatec Company Profile

Alphatec Holdings, Inc. is a medical technology company focused on developing and marketing products for spine surgery. Its offerings are intended to support the surgical treatment of spinal disorders and include implants, biologics, instruments and access systems, along with technologies designed to assist surgeons during procedures. The company’s product portfolio includes solutions for several surgical approaches and stages of spine care, including systems for planning, accessing and instrumenting the spine.