Alphatec (NASDAQ:ATEC) Shares Down 6.8% – Here’s What Happened

Alphatec Holdings, Inc. (NASDAQ:ATEC)’s share price dropped 6.8% during trading on Monday . The stock traded as low as $7.01 and last traded at $7.0050. Approximately 1,741,342 shares traded hands during trading, a decline of 48% from the average daily volume of 3,330,035 shares. The stock had previously closed at $7.52.

Analysts Set New Price Targets

ATEC has been the subject of several analyst reports. Weiss Ratings upgraded Alphatec from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, May 6th. Stifel Nicolaus reduced their price objective on Alphatec from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, March 9th. 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. TD Cowen cut their price target on Alphatec from $20.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, May 6th. Finally, Barclays cut their price target on Alphatec from $27.00 to $24.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. Ten 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.58.

Alphatec Trading Down 2.5%

The company has a market cap of $1.16 billion, a P/E ratio of -9.21 and a beta of 0.96. The company has a quick ratio of 1.12, a current ratio of 1.90 and a debt-to-equity ratio of 40.35. The business has a 50-day moving average price of $10.97 and a two-hundred day moving average price of $15.62.

Alphatec (NASDAQ:ATEC) last released its earnings results on Tuesday, May 5th. The medical technology company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.21). The firm had revenue of $192.11 million for the quarter, compared to the consensus estimate of $197.51 million. Alphatec had a negative return on equity of 1,183.84% and a negative net margin of 15.93%.The company’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.35) EPS. On average, analysts predict that Alphatec Holdings, Inc. will post -0.28 EPS for the current year.

Insider Transactions at Alphatec

In related news, EVP David Sponsel sold 163,452 shares of Alphatec stock in a transaction 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 directly owned 504,932 shares of the company’s stock, valued at $6,321,748.64. The trade was a 24.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Scott Lish sold 260,535 shares of Alphatec stock in a transaction on Friday, March 13th. The stock was sold at an average price of $12.30, for a total value of $3,204,580.50. Following the sale, the chief operating officer directly owned 815,704 shares of the company’s stock, valued at approximately $10,033,159.20. This trade represents a 24.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 629,189 shares of company stock worth $7,801,589. Insiders own 13.48% of the company’s stock.

Institutional Investors Weigh In On Alphatec

A number of institutional investors have recently made changes to their positions in ATEC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Alphatec by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,005 shares of the medical technology company’s stock worth $750,000 after purchasing an additional 3,196 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Alphatec during the first quarter worth $257,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Alphatec by 18.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 265,907 shares of the medical technology company’s stock worth $2,696,000 after purchasing an additional 41,264 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Alphatec during the second quarter worth $242,000. Finally, Invesco Ltd. grew its stake in Alphatec by 455.0% in the second quarter. Invesco Ltd. now owns 282,212 shares of the medical technology company’s stock valued at $3,133,000 after acquiring an additional 231,367 shares during the period. 66.35% of the stock is 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.