Alphatec (NASDAQ:ATEC) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Alphatec (NASDAQ:ATEC) from a buy rating to a hold rating in a report published on Sunday,Wall Street Zen reports.

ATEC has been the topic of a number of other research reports. Stephens began coverage on Alphatec in a research note on Thursday, July 23rd. They set an “overweight” rating and a $15.00 price objective on the stock. TD Cowen raised their target price on Alphatec from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alphatec in a research note on Monday, August 3rd. Stifel Nicolaus reduced their price target on Alphatec from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Finally, UBS Group boosted their price target on shares of Alphatec from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Thirteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Alphatec has an average rating of “Moderate Buy” and a consensus price target of $17.40.

Alphatec Stock Performance

Shares of Alphatec stock opened at $10.82 on Friday. The stock’s 50 day simple moving average is $9.85 and its 200-day simple moving average is $9.41. Alphatec has a 1-year low of $6.82 and a 1-year high of $23.29.

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

Insider Buying and Selling

In other news, CEO Patrick Miles purchased 115,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 5,893,551 shares in the company, valued at approximately $51,922,184.31. This represents a 1.99% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Tyson Marshall sold 8,168 shares of Alphatec stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $9.65, for a total value of $78,821.20. Following the completion of the sale, the general counsel directly owned 630,398 shares of the company’s stock, valued at $6,083,340.70. The trade was a 1.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 13.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Alphatec

Several hedge funds have recently bought and sold shares of ATEC. Bank of America Corp DE increased its position in shares of Alphatec by 26.9% during the first quarter. Bank of America Corp DE now owns 2,560,971 shares of the medical technology company’s stock worth $27,863,000 after acquiring an additional 543,059 shares during the period. Next Century Growth Investors LLC boosted its holdings in Alphatec by 6.1% in the fourth quarter. Next Century Growth Investors LLC now owns 2,418,298 shares of the medical technology company’s stock valued at $50,881,000 after purchasing an additional 138,915 shares during the period. Emerald Advisers LLC boosted its holdings in Alphatec by 10.4% in the first quarter. Emerald Advisers LLC now owns 1,807,307 shares of the medical technology company’s stock valued at $19,664,000 after purchasing an additional 169,578 shares during the period. Granite Investment Partners LLC boosted its holdings in Alphatec by 4.7% in the first quarter. Granite Investment Partners LLC now owns 1,195,156 shares of the medical technology company’s stock valued at $13,003,000 after purchasing an additional 54,043 shares during the period. Finally, Emerald Mutual Fund Advisers Trust grew its stake in Alphatec by 27.1% during the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 1,156,826 shares of the medical technology company’s stock worth $12,586,000 after purchasing an additional 246,773 shares in the last quarter. Institutional investors and hedge funds own 66.35% of the company’s stock.

About Alphatec

Alphatec Holdings, Inc (NASDAQ: ATEC) is a medical technology company focused on the surgical treatment of spinal disorders. Through its Alphatec Spine business, the company develops and markets implants, biologics, instruments and procedural technologies designed to support spine surgery and improve patient outcomes.

Its product portfolio includes systems for spinal fusion and reconstruction, including interbody implants, fixation devices and navigation or imaging-enabled surgical solutions.