Bank of America Corp DE Increases Stock Position in Alphatec Holdings, Inc. $ATEC

Key Points

• Bank of America increased its Alphatec stake by 26.9% in the first quarter, bringing its holdings to 2.56 million shares worth approximately $27.9 million. Institutional investors collectively own 66.35% of ATEC.
• Analysts maintain a generally positive outlook, with 13 Buy ratings, one Hold and one Sell; the stock has an average “Moderate Buy” rating and a consensus price target of $17.40.
• Alphatec’s latest quarterly results met EPS expectations at $0.07 and exceeded revenue estimates with $213.5 million, up 15.1% year over year. Despite growth, the company remains unprofitable, with a negative net margin and analysts forecasting a full-year loss.

Bank of America Corp DE lifted its stake in shares of Alphatec Holdings, Inc. (NASDAQ:ATEC - Free Report) by 26.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,560,971 shares of the medical technology company's stock after acquiring an additional 543,059 shares during the period. Bank of America Corp DE owned approximately 1.67% of Alphatec worth $27,863,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ATEC. Millennium Management LLC lifted its stake in Alphatec by 292.2% in the fourth quarter. Millennium Management LLC now owns 2,225,927 shares of the medical technology company's stock worth $46,834,000 after purchasing an additional 1,658,349 shares during the last quarter. Iron Triangle Partners LP bought a new position in shares of Alphatec during the fourth quarter valued at about $27,051,000. Morgan Stanley grew its stake in shares of Alphatec by 22.0% during the fourth quarter. Morgan Stanley now owns 4,340,936 shares of the medical technology company's stock valued at $91,333,000 after buying an additional 784,191 shares during the last quarter. M&G PLC purchased a new position in shares of Alphatec in the fourth quarter worth about $14,055,000. Finally, Two Sigma Investments LP increased its holdings in shares of Alphatec by 59.0% in the third quarter. Two Sigma Investments LP now owns 1,794,324 shares of the medical technology company's stock worth $26,089,000 after buying an additional 665,634 shares during the period. 66.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Wells Fargo & Company dropped their target price on Alphatec from $28.00 to $14.00 and set an "overweight" rating for the company in a report on Thursday, May 7th. Barclays decreased their price target on Alphatec from $27.00 to $24.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. Needham & Company LLC lowered their price objective on Alphatec from $25.00 to $14.00 and set a "buy" rating for the company in a research report on Wednesday, May 6th. Lake Street Capital reissued a "buy" rating and set a $15.00 price objective on shares of Alphatec in a research note on Wednesday, May 6th. Finally, HC Wainwright restated a "buy" rating and issued a $24.00 target price on shares of Alphatec in a report on Thursday, May 7th. Thirteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $17.40.

Insiders Place Their Bets

In other Alphatec news, General Counsel Tyson Eliot Marshall sold 8,168 shares of the business's stock in a transaction 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 approximately $6,083,340.70. The trade was a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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, Director Karen K. Mcginnis sold 6,050 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $8.01, for a total value of $48,460.50. Following the completion of the sale, the director directly owned 94,671 shares in the company, valued at approximately $758,314.71. This represents a 6.01% decrease in their ownership of the stock. 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.

Alphatec Price Performance

Shares of Alphatec stock opened at $9.79 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.89 and a debt-to-equity ratio of 40.35. The company has a market cap of $1.51 billion, a PE ratio of -13.79 and a beta of 0.85. The business has a 50 day moving average of $8.98 and a 200 day moving average of $10.42. Alphatec Holdings, Inc. has a 52 week low of $6.82 and a 52 week high of $23.29.

Alphatec (NASDAQ:ATEC - Get Free Report) last announced its earnings results on Tuesday, August 4th. The medical technology company reported $0.07 earnings per share for the quarter, meeting analysts' consensus estimates of $0.07. The firm 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%. The company's revenue for the quarter was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.02 EPS. As a group, equities research analysts forecast that Alphatec Holdings, Inc. will post -0.45 earnings per share for the current year.

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.

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