BMO Capital Markets Issues Positive Forecast for Alphatec (NASDAQ:ATEC) Stock Price

Key Points

• BMO Capital Markets raised Alphatec’s price target to $12 from $11 and maintained an “outperform” rating, implying approximately 15.9% upside. Analysts overall assign the stock a “Moderate Buy” consensus rating with an average target of $17.20.
• Alphatec’s latest quarterly results matched expectations at $0.07 earnings per share, while revenue of $213.5 million exceeded estimates and rose 15.1% year over year. The company remains unprofitable, reporting a negative 15.93% net margin.
• Institutional investors own 66.35% of Alphatec, with several hedge funds increasing their positions. An insider sale was made under a pre-arranged plan to cover tax withholding obligations, and insiders retain a 13.48% ownership stake.

Alphatec (NASDAQ:ATEC - Get Free Report) had its target price increased by research analysts at BMO Capital Markets from $11.00 to $12.00 in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage presently has an "outperform" rating on the medical technology company's stock. BMO Capital Markets' price objective suggests a potential upside of 15.94% from the company's current price.

Other analysts also recently issued research reports about the company. Canaccord Genuity Group reduced their price objective on Alphatec from $25.00 to $23.00 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. Wall Street Zen downgraded Alphatec from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. UBS Group initiated coverage on shares of Alphatec in a report on Tuesday, July 28th. They issued a "buy" rating and a $15.00 target price for the company. Lake Street Capital restated a "buy" rating and issued a $15.00 price target on shares of Alphatec in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Alphatec from $24.00 to $16.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 6th. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Alphatec presently has a consensus rating of "Moderate Buy" and an average price target of $17.20.

Alphatec Trading Up 2.0%

Alphatec stock opened at $10.35 on Wednesday. Alphatec has a 1 year low of $6.82 and a 1 year high of $23.29. The firm's 50 day moving average price is $8.70 and its 200-day moving average price is $10.83. The company has a debt-to-equity ratio of 40.35, a current ratio of 1.90 and a quick ratio of 1.12. The stock has a market cap of $1.59 billion, a P/E ratio of -12.62 and a beta of 0.85.

Alphatec (NASDAQ:ATEC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The medical technology company reported $0.07 earnings per share for the quarter, hitting analysts' consensus estimates of $0.07. The firm had revenue of $213.51 million during the quarter, compared to analyst estimates of $211.26 million. Alphatec had a negative net margin of 15.93% and a negative return on equity of 1,183.84%. Alphatec's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.02 earnings per share. On average, equities analysts predict that Alphatec will post -0.44 earnings per share for the current fiscal year.

Insider Activity at Alphatec

In related news, Director Karen K. Mcginnis sold 6,050 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $8.01, for a total value of $48,460.50. Following the transaction, the director owned 94,671 shares of the company's stock, valued at $758,314.71. This trade represents a 6.01% decrease in their position. The transaction was disclosed in a filing with the SEC, 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. Insiders own 13.48% of the company's stock.

Hedge Funds Weigh In On Alphatec

A number of hedge funds have recently added to or reduced their stakes in ATEC. Handelsbanken Fonder AB purchased a new position in shares of Alphatec during the second quarter worth approximately $427,000. Redhawk Wealth Advisors Inc. increased its holdings in Alphatec by 87.8% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 19,412 shares of the medical technology company's stock worth $168,000 after purchasing an additional 9,077 shares during the period. Atlas Brown Inc. bought a new stake in Alphatec during the 2nd quarter valued at $111,000. Valeo Financial Advisors LLC raised its position in Alphatec by 7.2% during the 2nd quarter. Valeo Financial Advisors LLC now owns 44,363 shares of the medical technology company's stock valued at $384,000 after purchasing an additional 2,967 shares in the last quarter. Finally, Western Wealth Management LLC lifted its holdings in shares of Alphatec by 20.9% in the 1st 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source