Needham & Company LLC Reiterates Buy Rating for Alphatec (NASDAQ:ATEC)

Alphatec (NASDAQ:ATEC)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $22.00 price target on the medical technology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 22.84% from the company’s previous close.

Several other research analysts have also commented on ATEC. Stifel Nicolaus initiated coverage on Alphatec in a research report on Tuesday, October 28th. They set a “buy” rating and a $20.00 price target on the stock. Wall Street Zen upgraded shares of Alphatec from a “hold” rating to a “buy” rating in a research report on Saturday, January 3rd. Morgan Stanley set a $23.00 target price on shares of Alphatec in a report on Tuesday, December 2nd. HC Wainwright increased their price target on shares of Alphatec from $20.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Loop Capital set a $25.00 price objective on shares of Alphatec in a research note on Wednesday, December 10th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.82.

Alphatec Stock Down 20.9%

ATEC traded down $4.74 on Monday, reaching $17.91. The company’s stock had a trading volume of 7,494,133 shares, compared to its average volume of 3,008,883. Alphatec has a fifty-two week low of $8.81 and a fifty-two week high of $23.29. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of -17.19 and a beta of 1.01. The company has a quick ratio of 1.24, a current ratio of 1.99 and a debt-to-equity ratio of 43.02. The stock has a 50 day moving average of $20.74 and a two-hundred day moving average of $16.42.

Alphatec (NASDAQ:ATEC) last issued its quarterly earnings data on Thursday, October 30th. The medical technology company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.09. The firm had revenue of $196.50 million for the quarter, compared to analysts’ expectations of $182.78 million. During the same period in the previous year, the business posted ($0.28) EPS. The business’s revenue for the quarter was up 30.4% compared to the same quarter last year. As a group, analysts forecast that Alphatec will post -1.08 EPS for the current fiscal year.

Insider Buying and Selling at Alphatec

In other news, major shareholder Jennifer N. Pritzker sold 250,000 shares of the business’s stock in a transaction dated Wednesday, November 12th. The shares were sold at an average price of $20.80, for a total transaction of $5,200,000.00. Following the transaction, the insider directly owned 11,145,045 shares in the company, valued at $231,816,936. The trade was a 2.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David R. Pelizzon sold 250,000 shares of the stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $20.80, for a total transaction of $5,200,000.00. Following the transaction, the director directly owned 11,145,045 shares of the company’s stock, valued at $231,816,936. This represents a 2.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 3,403,342 shares of company stock valued at $69,816,381. 22.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alphatec

Several institutional investors and hedge funds have recently added to or reduced their stakes in ATEC. Aster Capital Management DIFC Ltd purchased a new position in shares of Alphatec during the 3rd quarter worth approximately $34,000. Osterweis Capital Management Inc. purchased a new position in Alphatec in the second quarter worth $37,000. China Universal Asset Management Co. Ltd. purchased a new position in Alphatec in the third quarter worth $73,000. FNY Investment Advisers LLC acquired a new stake in Alphatec in the third quarter valued at $74,000. Finally, Nisa Investment Advisors LLC boosted its position in shares of Alphatec by 22.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,714 shares of the medical technology company’s stock worth $63,000 after purchasing an additional 1,045 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.