Alphatec (NASDAQ:ATEC) Earns "Buy" Rating from Canaccord Genuity Group

Key Points

• Alphatec (NASDAQ: ATEC) has received a renewed "buy" rating from Canaccord Genuity Group, which has set a price target of $20.00, indicating a potential upside of 50.22% from its previous close.
• The company reported $185.54 million in revenue for the last quarter, exceeding analysts' expectations and reflecting a 27.5% year-over-year increase in revenue, despite a reported loss of $0.02 per share.
• Current market consensus ratings show eight analysts rated Alphatec as a buy, leading to a Moderate Buy consensus with an average price target of $18.13.

Alphatec (NASDAQ:ATEC - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $20.00 price objective on the medical technology company's stock. Canaccord Genuity Group's target price would indicate a potential upside of 50.22% from the company's previous close.

A number of other brokerages have also recently weighed in on ATEC. Piper Sandler reiterated an "overweight" rating and issued a $15.00 price target (up from $13.00) on shares of Alphatec in a research report on Friday, May 2nd. HC Wainwright reiterated a "buy" rating and issued a $20.00 price target on shares of Alphatec in a research report on Monday, April 14th. Needham & Company LLC restated a "buy" rating and set a $16.00 target price on shares of Alphatec in a report on Friday, May 2nd. Finally, Lake Street Capital upgraded Alphatec to a "buy" rating and set a $18.00 target price on the stock in a report on Monday, June 16th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, Alphatec currently has a consensus rating of "Moderate Buy" and an average price target of $18.13.

Alphatec Price Performance

NASDAQ:ATEC traded up $2.73 on Friday, reaching $13.31. The stock had a trading volume of 5,536,392 shares, compared to its average volume of 1,928,706. Alphatec has a 12-month low of $4.88 and a 12-month high of $13.89. The company has a market cap of $1.95 billion, a price-to-earnings ratio of -11.61 and a beta of 1.05. The firm's fifty day moving average is $11.34 and its two-hundred day moving average is $11.14.

Alphatec (NASDAQ:ATEC - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical technology company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.08. Alphatec had a negative return on equity of 1,657.19% and a negative net margin of 25.77%. The firm had revenue of $185.54 million for the quarter, compared to analysts' expectations of $178.85 million. During the same quarter last year, the business posted ($0.29) EPS. Alphatec's revenue was up 27.5% on a year-over-year basis. As a group, research analysts forecast that Alphatec will post -1.08 earnings per share for the current fiscal year.

Insider Transactions at Alphatec

In other news, Director Karen K. Mcginnis sold 3,963 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $12.11, for a total value of $47,991.93. Following the completion of the transaction, the director owned 68,709 shares in the company, valued at $832,065.99. This trade represents a 5.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Scott Lish sold 3,982 shares of the business's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $12.00, for a total value of $47,784.00. Following the completion of the sale, the chief operating officer directly owned 744,936 shares in the company, valued at $8,939,232. This trade represents a 0.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 299,547 shares of company stock valued at $3,698,956. 20.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alphatec

Several institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new stake in shares of Alphatec in the fourth quarter worth approximately $358,000. Commonwealth Equity Services LLC boosted its holdings in shares of Alphatec by 55.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 36,929 shares of the medical technology company's stock valued at $339,000 after buying an additional 13,246 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Alphatec in the 4th quarter worth $228,000. LPL Financial LLC boosted its position in shares of Alphatec by 19.9% in the 4th quarter. LPL Financial LLC now owns 413,235 shares of the medical technology company's stock worth $3,793,000 after purchasing an additional 68,516 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Alphatec by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 5,968,980 shares of the medical technology company's stock worth $54,795,000 after purchasing an additional 47,797 shares in the last quarter. 66.35% of the stock is owned by institutional investors.

Alphatec Company Profile

Alphatec Holdings, Inc, a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally. It manufactures and sells implants and instruments through third-party suppliers. The company offers Alpha InformatiX product platform, including EOS imaging system that provides full-body imaging; VEA alignment mobile application, which leverages EOS technology to more quickly quantify alignment parameters on a mobile device; SafeOp Neural InformatiX System that automates electromyographic and somatosensory evoked potential monitoring; and Valence, an intra-operative system that integrates navigation and robotics into spine procedures, as well as Sigma Prone TransPsoas (PTP) Access and PTP Patient Positioning Systems.

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