281,911 Alphatec Holdings, Inc. $ATEC Shares Acquired by Penn Capital Management Company LLC

Key Points

• Penn Capital increased its Alphatec stake 18.9% in the third quarter, adding 281,911 shares to bring its holdings to nearly 1.77 million shares, worth about $18.3 million.
• Analysts retain a “Moderate Buy” consensus with a $15.63 average price target, though several recently lowered targets or ratings; the stock has 11 Buy, two Hold, and one Sell rating.
• Alphatec’s latest quarterly revenue rose 12.6% year over year to $221.2 million, but missed estimates, as did earnings per share. The CEO and a director also disclosed share purchases.

Penn Capital Management Company LLC boosted its stake in shares of Alphatec Holdings, Inc. (NASDAQ:ATEC - Free Report) by 18.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,769,971 shares of the medical technology company's stock after acquiring an additional 281,911 shares during the period. Alphatec accounts for about 1.3% of Penn Capital Management Company LLC's portfolio, making the stock its 28th biggest position. Penn Capital Management Company LLC owned about 1.14% of Alphatec worth $18,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ATEC. Bank of America Corp DE lifted its position in shares of 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 acquiring an additional 543,059 shares during the period. Emerald Advisers LLC increased its position in shares of Alphatec by 10.4% in the first quarter. Emerald Advisers LLC now owns 1,807,307 shares of the medical technology company's stock worth $19,664,000 after purchasing an additional 169,578 shares during the period. Emerald Mutual Fund Advisers Trust increased its position in shares of 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 period. Paradigm Capital Management Inc. NY acquired a new position in Alphatec in the second quarter valued at about $9,413,000. Finally, Renaissance Technologies LLC raised its stake in Alphatec by 21.3% in 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 purchasing an additional 184,969 shares in the last quarter. 66.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ATEC has been the subject of several recent analyst reports. TD Cowen cut their price objective on shares of Alphatec from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, October 30th. Stephens assumed coverage on shares of Alphatec in a report on Thursday, July 23rd. They issued an "overweight" rating and a $15.00 target price on the stock. BMO Capital Markets cut shares of Alphatec from an "outperform" rating to a "market perform" rating and set a $8.00 target price for the company. in a research report on Friday, October 30th. Canaccord Genuity Group dropped their target price on shares of Alphatec from $19.00 to $16.00 and set a "buy" rating for the company in a research report on Friday, October 30th. Finally, JPMorgan Chase & Co. cut their price target on shares of Alphatec from $16.00 to $15.00 and set an "overweight" rating for the company in a report on Friday, October 30th. Eleven 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. According to data from MarketBeat.com, Alphatec currently has an average rating of "Moderate Buy" and a consensus price target of $15.63.

Insider Transactions at Alphatec

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

Alphatec Stock Performance

Shares of ATEC opened at $7.38 on Tuesday. Alphatec Holdings, Inc. has a 52-week low of $6.81 and a 52-week high of $23.29. The business's fifty day moving average is $9.92 and its 200-day moving average is $10.34. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -13.42 and a beta of 0.88.

Alphatec (NASDAQ:ATEC - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The medical technology company reported $0.09 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $221.17 million for the quarter, compared to the consensus estimate of $225.16 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. Alphatec's quarterly revenue was up 12.6% compared to the same quarter last year. As a group, research analysts forecast that Alphatec Holdings, Inc. will post -0.40 EPS for the current fiscal year.

Alphatec 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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