Hsbc Holdings PLC Sells 191,695 Shares of Alphatec Holdings, Inc. $ATEC

Hsbc Holdings PLC cut its stake in Alphatec Holdings, Inc. (NASDAQ:ATEC) by 51.5% in the 4th quarter, Holdings Channel reports. The fund owned 180,790 shares of the medical technology company’s stock after selling 191,695 shares during the quarter. Hsbc Holdings PLC’s holdings in Alphatec were worth $3,807,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ATEC. Creative Planning lifted its position in shares of Alphatec by 0.9% in the 3rd quarter. Creative Planning now owns 58,654 shares of the medical technology company’s stock worth $853,000 after purchasing an additional 534 shares during the period. Great Lakes Advisors LLC boosted its stake in shares of Alphatec by 0.4% during the 4th quarter. Great Lakes Advisors LLC now owns 278,717 shares of the medical technology company’s stock valued at $5,864,000 after purchasing an additional 1,226 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Alphatec by 2.0% during the fourth quarter. Franklin Resources Inc. now owns 64,774 shares of the medical technology company’s stock valued at $1,363,000 after buying an additional 1,299 shares during the period. Oppenheimer Asset Management Inc. raised its stake in Alphatec by 9.9% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 15,075 shares of the medical technology company’s stock worth $317,000 after buying an additional 1,353 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Alphatec by 157.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,571 shares of the medical technology company’s stock worth $54,000 after buying an additional 1,571 shares in the last quarter. Institutional investors own 66.35% of the company’s stock.

Insider Buying and Selling

In other Alphatec news, Director Karen K. Mcginnis sold 6,050 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $8.01, for a total transaction of $48,460.50. Following the completion of the sale, the director directly owned 94,671 shares in the company, valued at approximately $758,314.71. This trade represents a 6.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Company insiders own 13.48% of the company’s stock.

Alphatec Price Performance

Shares of ATEC opened at $9.51 on Friday. Alphatec Holdings, Inc. has a fifty-two week low of $6.82 and a fifty-two week high of $23.29. The firm’s 50-day simple moving average is $8.36 and its two-hundred day simple moving average is $12.28. The stock has a market cap of $1.46 billion, a PE ratio of -11.60 and a beta of 0.85. The company has a debt-to-equity ratio of 40.35, a quick ratio of 1.12 and a current ratio of 1.90.

Analysts Set New Price Targets

Several research firms have weighed in on ATEC. BMO Capital Markets initiated coverage on Alphatec in a research report on Wednesday. They set an “outperform” rating and a $11.00 price objective on the stock. Wells Fargo & Company lowered their target price on Alphatec from $28.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. HC Wainwright restated a “buy” rating and set a $24.00 price target on shares of Alphatec in a research report on Thursday, May 7th. JPMorgan Chase & Co. dropped their price target on Alphatec from $24.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Finally, Needham & Company LLC reduced their price target on Alphatec from $25.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.46.

About Alphatec

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.