Alphatec (NASDAQ:ATEC) Cut to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Alphatec from “Buy” to “Hold,” though the broader analyst consensus remains “Moderate Buy,” with an average price target of $17.40.
• Alphatec shares opened at $10.67 and were up 3.1%; the company’s latest quarterly results matched EPS expectations at $0.07 and exceeded revenue estimates, reporting $213.51 million in revenue, up 15.1% year over year.
• CEO Patrick Miles purchased 115,000 shares worth about $1.01 million, while institutional investors own 66.35% of the company and insiders hold 13.48%.

Alphatec (NASDAQ:ATEC - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday, Wall Street Zen reports.

A number of other research analysts have also issued reports on ATEC. Weiss Ratings restated a "sell (d-)" rating on shares of Alphatec in a research report on Monday, August 3rd. Stephens began coverage on Alphatec in a report on Thursday, July 23rd. They set an "overweight" rating and a $15.00 target price on the stock. UBS Group raised their price target on Alphatec from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. BMO Capital Markets boosted their price target on Alphatec from $11.00 to $12.00 and gave the company an "outperform" rating in a research note on Wednesday, August 5th. Finally, TD Cowen increased their price objective on shares of Alphatec from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $17.40.

Alphatec Trading Up 3.1%

Shares of NASDAQ:ATEC opened at $10.67 on Friday. The business has a 50-day moving average price of $9.82 and a two-hundred day moving average price of $9.44. The stock has a market capitalization of $1.65 billion, a P/E ratio of -15.03 and a beta of 0.78. Alphatec has a 1-year low of $6.82 and a 1-year high of $23.29.

Alphatec (NASDAQ:ATEC - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The medical technology company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. The company had revenue of $213.51 million for the quarter, compared to analyst estimates of $211.26 million. Alphatec had a negative net margin of 13.49% and a negative return on equity of 6,752.24%. Alphatec's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.02 EPS. As a group, equities analysts predict that Alphatec will post -0.45 EPS for the current year.

Insider Buying and Selling

In other news, CEO Patrick Miles purchased 115,000 shares of the business's stock in a transaction on Thursday, September 10th. The shares were acquired at an average price of $8.81 per share, with a total value of $1,013,150.00. Following the completion of the transaction, the chief executive officer owned 5,893,551 shares of the company's stock, valued at $51,922,184.31. The trade was a 1.99% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Tyson Marshall sold 8,168 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $9.65, for a total value of $78,821.20. Following the sale, the general counsel directly owned 630,398 shares of the company's stock, valued at $6,083,340.70. This represents a 1.28% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. 13.48% of the stock is currently owned by insiders.

Institutional Trading of Alphatec

Several institutional investors and hedge funds have recently modified their holdings of ATEC. Next Century Growth Investors LLC increased its stake in Alphatec by 6.1% in the 4th quarter. Next Century Growth Investors LLC now owns 2,418,298 shares of the medical technology company's stock valued at $50,881,000 after buying an additional 138,915 shares during the last quarter. Bank of America Corp DE increased its position in shares of Alphatec by 26.9% during the first quarter. Bank of America Corp DE now owns 2,560,971 shares of the medical technology company's stock valued at $27,863,000 after acquiring an additional 543,059 shares during the last quarter. Emerald Advisers LLC lifted its holdings in Alphatec by 10.4% during the first quarter. Emerald Advisers LLC now owns 1,807,307 shares of the medical technology company's stock worth $19,664,000 after acquiring an additional 169,578 shares during the period. Granite Investment Partners LLC boosted its position in Alphatec by 4.7% in the first quarter. Granite Investment Partners LLC now owns 1,195,156 shares of the medical technology company's stock worth $13,003,000 after purchasing an additional 54,043 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust boosted its position in Alphatec by 27.1% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 1,156,826 shares of the medical technology company's stock worth $12,586,000 after purchasing an additional 246,773 shares during the last quarter. 66.35% of the stock is owned by hedge funds and other institutional investors.

About Alphatec

Alphatec Holdings, Inc NASDAQ: ATEC is a medical technology company focused on the surgical treatment of spinal disorders. Through its Alphatec Spine business, the company develops and markets implants, biologics, instruments and procedural technologies designed to support spine surgery and improve patient outcomes.

Its product portfolio includes systems for spinal fusion and reconstruction, including interbody implants, fixation devices and navigation or imaging-enabled surgical solutions.

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