Alphatec (NASDAQ:ATEC) Given Buy Rating at 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.

Canaccord Genuity Group restated their buy rating on shares of Alphatec (NASDAQ:ATEC - Free Report) in a report published on Friday,Benzinga reports. Canaccord Genuity Group currently has a $20.00 target price on the medical technology company's stock.

ATEC has been the topic of several other reports. Piper Sandler reissued an "overweight" rating and set a $15.00 price target (up from $13.00) on shares of Alphatec in a research report on Friday, May 2nd. HC Wainwright reaffirmed a "buy" rating and set a $20.00 target price on shares of Alphatec in a research note on Monday, April 14th. Lake Street Capital raised shares of Alphatec to a "buy" rating and set a $18.00 price target for the company in a research report on Monday, June 16th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $16.00 price objective on shares of Alphatec in a research report on Friday, May 2nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.50.

Alphatec Trading Up 3.2%

Shares of ATEC traded up $0.47 during midday trading on Friday, hitting $15.34. The stock had a trading volume of 5,877,914 shares, compared to its average volume of 2,047,818. The business has a 50-day simple moving average of $11.41 and a two-hundred day simple moving average of $11.18. The firm has a market cap of $2.24 billion, a P/E ratio of -13.58 and a beta of 1.05. The company has a current ratio of 2.88, a quick ratio of 1.77 and a debt-to-equity ratio of 23.22. Alphatec has a fifty-two week low of $4.88 and a fifty-two week high of $15.34.

Alphatec (NASDAQ:ATEC - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The medical technology company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.08. Alphatec had a negative net margin of 24.33% and a negative return on equity of 1,657.19%. The firm had revenue of $185.54 million during the quarter, compared to analyst estimates of $178.85 million. During the same quarter last year, the business posted ($0.29) EPS. The company's revenue was up 27.5% on a year-over-year basis. As a group, equities analysts forecast that Alphatec will post -1.08 EPS for the current year.

Insider Buying and Selling at Alphatec

In other Alphatec news, EVP Craig E. Hunsaker sold 13,878 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $12.36, for a total transaction of $171,532.08. Following the transaction, the executive vice president directly owned 1,450,018 shares in the company, valued at $17,922,222.48. This trade represents a 0.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Scott Lish sold 16,666 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $15.00, for a total value of $249,990.00. Following the sale, the chief operating officer owned 674,332 shares of the company's stock, valued at approximately $10,114,980. This trade represents a 2.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 389,121 shares of company stock valued at $4,929,887 over the last three months. 20.90% of the stock is owned by insiders.

Institutional Trading of Alphatec

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Comerica Bank boosted its stake in Alphatec by 66.8% during the fourth quarter. Comerica Bank now owns 3,116 shares of the medical technology company's stock worth $29,000 after buying an additional 1,248 shares in the last quarter. Quarry LP raised its position in Alphatec by 79.2% in the fourth quarter. Quarry LP now owns 5,374 shares of the medical technology company's stock worth $49,000 after purchasing an additional 2,375 shares in the last quarter. Larson Financial Group LLC bought a new position in Alphatec during the first quarter worth about $54,000. Nisa Investment Advisors LLC boosted its holdings in Alphatec by 22.4% during the second quarter. Nisa Investment Advisors LLC now owns 5,714 shares of the medical technology company's stock valued at $63,000 after purchasing an additional 1,045 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new stake in shares of Alphatec in the 4th quarter valued at approximately $76,000. 66.35% of the stock is currently owned by institutional investors and hedge funds.

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.