Alphatec (NASDAQ:ATEC) Rating Increased to Strong-Buy at UBS Group

Key Points

• UBS Group upgraded Alphatec to “strong buy,” while the broader analyst consensus remains “moderate buy.” The consensus price target is $17.13, despite several firms recently lowering their targets.
• ATEC shares opened at $9.32, with a market capitalization of approximately $1.43 billion; the stock has traded between $6.82 and $23.29 over the past year.
• Institutional investors own 66.35% of Alphatec, with several funds increasing or initiating positions. A director also sold shares under a pre-arranged plan to cover tax obligations, while insiders retain a 13.48% ownership stake.

Alphatec (NASDAQ:ATEC - Get Free Report) was upgraded by equities research analysts at UBS Group to a "strong-buy" rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts have also recently issued reports on ATEC. JPMorgan Chase & Co. cut their price objective on Alphatec from $24.00 to $16.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 6th. Wall Street Zen lowered Alphatec from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Wells Fargo & Company lowered their price target on Alphatec from $28.00 to $14.00 and set an "overweight" rating for the company in a report on Thursday, May 7th. HC Wainwright reissued a "buy" rating and set a $24.00 price target on shares of Alphatec in a research report on Thursday, May 7th. Finally, Needham & Company LLC dropped their price target on Alphatec from $25.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Alphatec presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.13.

Alphatec Stock Performance

Shares of ATEC stock opened at $9.32 on Tuesday. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -11.37 and a beta of 0.85. Alphatec has a one year low of $6.82 and a one year high of $23.29. The company's 50-day simple moving average is $8.54 and its 200-day simple moving average is $11.15. The company has a debt-to-equity ratio of 40.35, a quick ratio of 1.12 and a current ratio of 1.90.

Insider Activity

In other news, Director Karen K. Mcginnis sold 6,050 shares of the company'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 transaction, the director owned 94,671 shares in the company, valued at approximately $758,314.71. This represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.

Institutional Trading of Alphatec

Several hedge funds have recently bought and sold shares of ATEC. Handelsbanken Fonder AB bought a new position in Alphatec in the 2nd quarter worth about $427,000. Redhawk Wealth Advisors Inc. increased its stake in shares of Alphatec by 87.8% in the second quarter. Redhawk Wealth Advisors Inc. now owns 19,412 shares of the medical technology company's stock valued at $168,000 after purchasing an additional 9,077 shares during the period. Atlas Brown Inc. bought a new stake in shares of Alphatec during the second quarter valued at approximately $111,000. Valeo Financial Advisors LLC raised its holdings in shares of Alphatec by 7.2% during the second quarter. Valeo Financial Advisors LLC now owns 44,363 shares of the medical technology company's stock valued at $384,000 after buying an additional 2,967 shares during the last quarter. Finally, Western Wealth Management LLC boosted its position in shares of Alphatec by 20.9% during the first quarter. Western Wealth Management LLC now owns 103,909 shares of the medical technology company's stock worth $1,131,000 after buying an additional 17,928 shares during the period. 66.35% of the stock is currently owned by institutional investors.

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.

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