Alphatec (NASDAQ:ATEC) Raised to “Strong-Buy” at Wells Fargo & Company

Alphatec (NASDAQ:ATEC) was upgraded by research analysts at Wells Fargo & Company to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on ATEC. Morgan Stanley set a $23.00 target price on Alphatec in a research report on Tuesday, December 2nd. HC Wainwright reissued a “buy” rating and issued a $24.00 price target on shares of Alphatec in a research note on Monday, January 12th. Loop Capital set a $25.00 price objective on Alphatec in a report on Wednesday, December 10th. Wall Street Zen upgraded shares of Alphatec from a “hold” rating to a “buy” rating in a report on Saturday, January 31st. Finally, Barclays lifted their target price on shares of Alphatec from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.82.

Alphatec Trading Down 3.8%

Shares of NASDAQ:ATEC opened at $12.56 on Wednesday. The company has a debt-to-equity ratio of 40.35, a quick ratio of 1.28 and a current ratio of 2.06. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -13.22 and a beta of 1.02. Alphatec has a 1-year low of $8.81 and a 1-year high of $23.29. The company has a 50 day moving average price of $14.57 and a 200 day moving average price of $16.81.

Alphatec (NASDAQ:ATEC) last posted its quarterly earnings results on Tuesday, February 24th. The medical technology company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.02. The company had revenue of $212.93 million during the quarter, compared to the consensus estimate of $212.67 million. Alphatec’s quarterly revenue was up 20.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.23) EPS. On average, research analysts anticipate that Alphatec will post -1.08 EPS for the current fiscal year.

Insider Buying and Selling at Alphatec

In related news, General Counsel Tyson Eliot Marshall sold 88,835 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $12.49, for a total transaction of $1,109,549.15. Following the transaction, the general counsel directly owned 559,459 shares of the company’s stock, valued at approximately $6,987,642.91. The trade was a 13.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP David Sponsel sold 163,452 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $12.52, for a total transaction of $2,046,419.04. Following the completion of the sale, the executive vice president owned 504,932 shares of the company’s stock, valued at approximately $6,321,748.64. The trade was a 24.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 826,972 shares of company stock valued at $11,285,386 in the last 90 days. Corporate insiders own 20.90% of the company’s stock.

Institutional Investors Weigh In On Alphatec

Institutional investors have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new position in Alphatec in the third quarter worth approximately $34,000. Northwestern Mutual Wealth Management Co. grew its position 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 acquiring an additional 1,571 shares in the last quarter. Osterweis Capital Management Inc. bought a new stake in Alphatec in the second quarter worth approximately $37,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Alphatec during the 3rd quarter worth $73,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Alphatec in the 3rd quarter valued at $74,000. 66.35% of the stock is currently owned by institutional investors and hedge funds.

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.