Alphatec (NASDAQ:ATEC) Stock Price Target Lowered at HC Wainwright

Key Points

• HC Wainwright cut its Alphatec price target from $24 to $20 but maintained a Buy rating; the new target implies 183.29% upside from the stock’s then-current price.
• Analyst sentiment was broadly positive: MarketBeat reported a “Moderate Buy” consensus and an average price target of $15.37, despite several firms also lowering their targets.
• Alphatec’s latest quarter missed analyst estimates for both earnings and revenue, though revenue rose 12.6% year over year. Its shares opened at $7.06, near their 52-week low of $6.81.

Alphatec (NASDAQ:ATEC - Get Free Report) had its price target dropped by research analysts at HC Wainwright from $24.00 to $20.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the medical technology company's stock. HC Wainwright's price target points to a potential upside of 183.29% from the company's current price.

Other research analysts also recently issued research reports about the company. Wells Fargo & Company decreased their price objective on Alphatec from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Friday, October 30th. 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 research note on Friday, October 30th. Canaccord Genuity Group decreased their target price on shares of Alphatec from $19.00 to $16.00 and set a "buy" rating on the stock in a research note on Friday, October 30th. Needham & Company LLC decreased their target price on shares of Alphatec from $14.00 to $12.00 and set a "buy" rating on the stock in a research note on Friday, October 30th. Finally, Stephens started coverage on shares of Alphatec in a report on Thursday, July 23rd. They set an "overweight" rating and a $15.00 price target on the stock. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Alphatec presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.37.

Alphatec Price Performance

Shares of ATEC stock opened at $7.06 on Friday. Alphatec has a 1 year low of $6.81 and a 1 year high of $23.29. The firm has a fifty day moving average price of $9.80 and a 200-day moving average price of $10.21. The company has a market cap of $1.10 billion, a price-to-earnings ratio of -12.84 and a beta of 0.88.

Alphatec (NASDAQ:ATEC - Get Free Report) last announced its earnings results on Thursday, October 29th. The medical technology company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.01). Alphatec had a negative return on equity of 6,752.24% and a negative net margin of 10.35%. The company had revenue of $221.17 million during the quarter, compared to the consensus estimate of $225.16 million. During the same period in the prior year, the business posted $0.03 earnings per share. Alphatec's revenue for the quarter was up 12.6% compared to the same quarter last year. Equities research analysts expect that Alphatec will post -0.40 EPS for the current year.

Insider Activity at Alphatec

In related news, CEO Patrick Miles bought 115,000 shares of the stock in a transaction dated Thursday, September 10th. The stock was purchased at an average cost of $8.81 per share, with a total value of $1,013,150.00. Following the completion of the purchase, the chief executive officer owned 5,893,551 shares of the company's stock, valued at $51,922,184.31. This trade represents a 1.99% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David M. Demski purchased 60,000 shares of the business's stock in a transaction dated Friday, October 30th. The stock was bought at an average price of $6.81 per share, for a total transaction of $408,600.00. Following the completion of the acquisition, the director owned 491,635 shares of the company's stock, valued at approximately $3,348,034.35. The trade was a 13.90% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 13.48% of the company's stock.

Hedge Funds Weigh In On Alphatec

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its position in Alphatec by 26.9% during the 1st 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 purchasing an additional 543,059 shares in the last quarter. Penn Capital Management Company LLC grew its position in shares of Alphatec by 18.9% during the 3rd quarter. Penn Capital Management Company LLC now owns 1,769,971 shares of the medical technology company's stock worth $18,299,000 after buying an additional 281,911 shares in the last quarter. Aberdeen Group plc increased its stake in shares of Alphatec by 44.1% during the third quarter. Aberdeen Group plc now owns 1,712,328 shares of the medical technology company's stock valued at $17,671,000 after buying an additional 523,747 shares during the period. Renaissance Technologies LLC increased its stake in shares of Alphatec by 21.3% during the first quarter. Renaissance Technologies LLC now owns 1,055,100 shares of the medical technology company's stock valued at $11,479,000 after buying an additional 184,969 shares during the period. Finally, Paradigm Capital Management Inc. NY purchased a new position in shares of Alphatec during the second quarter valued at $9,413,000. 66.35% of the stock is owned by hedge funds and other institutional investors.

Alphatec Company Profile

Alphatec Holdings, Inc. is a medical technology company focused on developing and marketing products for spine surgery. Its offerings are intended to support the surgical treatment of spinal disorders and include implants, biologics, instruments and access systems, along with technologies designed to assist surgeons during procedures. The company's product portfolio includes solutions for several surgical approaches and stages of spine care, including systems for planning, accessing and instrumenting the spine.

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