Alphatec (NASDAQ:ATEC) Stock Price Target Lowered at Canaccord Genuity Group

Key Points

• Canaccord Genuity lowered Alphatec’s price target from $19 to $16 while maintaining a “buy” rating, implying roughly 127% upside from the stock’s $7.04 opening price. MarketBeat’s analyst consensus remains “Moderate Buy,” with a $16.13 target.
• Analyst sentiment was mixed: JPMorgan and Needham cut their targets, BMO downgraded the stock to “market perform,” while UBS raised its target and maintained a “buy” rating. Overall, 12 analysts rate Alphatec a buy, two hold it, and one rates it a sell.
• Alphatec’s latest quarter fell slightly short of expectations, with earnings of $0.09 per share versus $0.10 expected and revenue of $221.17 million versus $225.16 million expected, though revenue increased 12.6% year over year. CEO Patrick Miles purchased 115,000 shares, while insiders own 13.48% of the company.

Alphatec (NASDAQ:ATEC - Get Free Report) had its target price reduced by investment analysts at Canaccord Genuity Group from $19.00 to $16.00 in a research note issued on Friday, Benzinga reports. The firm presently has a "buy" rating on the medical technology company's stock. Canaccord Genuity Group's price objective would indicate a potential upside of 127.27% from the stock's current price.

Several other analysts also recently weighed in on ATEC. Weiss Ratings reissued a "sell (d-)" rating on shares of Alphatec in a report on Friday. JPMorgan Chase & Co. dropped their price target on Alphatec from $16.00 to $15.00 and set an "overweight" rating on the stock in a research note on Friday. UBS Group lifted 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. Needham & Company LLC reduced their price objective on Alphatec from $14.00 to $12.00 and set a "buy" rating for the company in a research note on Friday. Finally, BMO Capital Markets downgraded Alphatec from an "outperform" rating to a "market perform" rating and set a $8.00 price objective for the company. in a report on Friday. Twelve equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Alphatec presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.13.

Alphatec Price Performance

Shares of Alphatec stock opened at $7.04 on Friday. Alphatec has a 52 week low of $6.81 and a 52 week high of $23.29. The firm's 50 day moving average is $10.14 and its two-hundred day moving average is $10.62. The firm has a market capitalization of $1.09 billion, a P/E ratio of -12.80 and a beta of 0.88.

Alphatec (NASDAQ:ATEC - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The medical technology company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.01). The company had revenue of $221.17 million during the quarter, compared to analysts' expectations of $225.16 million. Alphatec had a negative net margin of 10.35% and a negative return on equity of 6,752.24%. Alphatec's revenue was up 12.6% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. As a group, research analysts expect that Alphatec will post -0.45 earnings per share for the current fiscal year.

Insider Activity at Alphatec

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

Institutional Trading of Alphatec

Large investors have recently added to or reduced their stakes in the stock. Kopp Family Office LLC lifted its position in Alphatec by 0.4% in the third quarter. Kopp Family Office LLC now owns 330,266 shares of the medical technology company's stock valued at $3,408,000 after purchasing an additional 1,303 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Alphatec by 4.2% in the first quarter. SG Americas Securities LLC now owns 67,065 shares of the medical technology company's stock worth $730,000 after buying an additional 2,675 shares during the period. Summit Securities Group LLC bought a new stake in Alphatec during the 1st quarter valued at $29,000. Valeo Financial Advisors LLC increased its position in shares of Alphatec by 7.2% in the second quarter. Valeo Financial Advisors LLC now owns 44,363 shares of the medical technology company's stock valued at $384,000 after acquiring an additional 2,967 shares during the period. Finally, Allworth Financial LP raised its stake in shares of Alphatec by 82.6% during the second quarter. Allworth Financial LP now owns 6,666 shares of the medical technology company's stock valued at $58,000 after acquiring an additional 3,015 shares during the last quarter. Hedge funds and other institutional investors own 66.35% of the company's stock.

Alphatec Company Profile

Alphatec Holdings, Inc is a medical technology company focused on the design, development and commercialization of products and procedural solutions for spine surgery. The company aims to improve the treatment of spinal disorders through technologies that support spinal fusion, deformity correction, reconstruction and minimally invasive procedures.

Its portfolio includes spinal implants, surgical instruments, navigation and imaging technologies, and intraoperative monitoring solutions.

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