Alphatec (NASDAQ:ATEC) Shares Gap Down on Disappointing Earnings

Shares of Alphatec Holdings, Inc. (NASDAQ:ATEC) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $11.06, but opened at $10.50. Alphatec shares last traded at $11.65, with a volume of 285,146 shares changing hands.

The medical technology company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.04). Alphatec had a negative net margin of 31.06% and a negative return on equity of 541.39%. The company had revenue of $176.79 million during the quarter, compared to the consensus estimate of $172.74 million.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ATEC. Piper Sandler increased their price objective on shares of Alphatec from $12.00 to $13.00 and gave the company an “overweight” rating in a research note on Thursday. Barclays increased their price objective on shares of Alphatec from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, January 22nd. Needham & Company LLC reiterated a “buy” rating and set a $16.00 target price on shares of Alphatec in a research report on Thursday. Finally, HC Wainwright reiterated a “buy” rating and set a $20.00 target price on shares of Alphatec in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Alphatec has an average rating of “Moderate Buy” and a consensus price target of $17.67.

Insider Buying and Selling

In related news, EVP David Sponsel sold 58,283 shares of Alphatec stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $10.71, for a total transaction of $624,210.93. Following the transaction, the executive vice president now owns 502,311 shares of the company’s stock, valued at $5,379,750.81. This trade represents a 10.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Patrick Miles sold 50,000 shares of Alphatec stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $12.03, for a total transaction of $601,500.00. Following the transaction, the chief executive officer now directly owns 6,152,544 shares in the company, valued at $74,015,104.32. The trade was a 0.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,715 shares of company stock valued at $3,048,819 in the last 90 days. 22.80% of the stock is owned by insiders.

Institutional Trading of Alphatec

A number of institutional investors have recently made changes to their positions in ATEC. Vanguard Group Inc. raised its position in shares of Alphatec by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 5,968,980 shares of the medical technology company’s stock valued at $54,795,000 after purchasing an additional 47,797 shares during the period. American Century Companies Inc. grew its stake in Alphatec by 36.5% during the fourth quarter. American Century Companies Inc. now owns 4,989,057 shares of the medical technology company’s stock worth $45,800,000 after buying an additional 1,334,780 shares in the last quarter. Royal Bank of Canada grew its stake in Alphatec by 171.2% during the fourth quarter. Royal Bank of Canada now owns 3,185,283 shares of the medical technology company’s stock worth $29,240,000 after buying an additional 2,010,806 shares in the last quarter. State Street Corp lifted its holdings in shares of Alphatec by 10.1% in the third quarter. State Street Corp now owns 3,138,960 shares of the medical technology company’s stock worth $17,453,000 after acquiring an additional 287,350 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Alphatec by 11.3% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,928,094 shares of the medical technology company’s stock worth $16,280,000 after acquiring an additional 297,850 shares during the last quarter. Institutional investors own 66.35% of the company’s stock.

Alphatec Price Performance

The stock has a market cap of $1.63 billion, a P/E ratio of -9.06 and a beta of 1.43. The company has a debt-to-equity ratio of 30.21, a current ratio of 2.32 and a quick ratio of 1.15. The business’s fifty day moving average price is $10.57 and its 200 day moving average price is $8.35.

Alphatec Company Profile

Alphatec Holdings, Inc, a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally. It manufactures and sells implants and instruments through third-party suppliers. The company offers Alpha InformatiX product platform, including EOS imaging system that provides full-body imaging; VEA alignment mobile application, which leverages EOS technology to more quickly quantify alignment parameters on a mobile device; SafeOp Neural InformatiX System that automates electromyographic and somatosensory evoked potential monitoring; and Valence, an intra-operative system that integrates navigation and robotics into spine procedures, as well as Sigma Prone TransPsoas (PTP) Access and PTP Patient Positioning Systems.