Bank of New York Mellon Corp Takes $3.09 Million Position in Alphatec Holdings, Inc. $ATEC

Key Points

• Bank of New York Mellon acquired 357,406 Alphatec shares worth approximately $3.09 million in the second quarter, giving it a 0.23% stake. Institutional investors collectively own 66.35% of ATEC.
• Analysts remain broadly optimistic, with 13 Buy ratings, one Hold and one Sell; the stock carries a “Moderate Buy” consensus and an average price target of $17.40.
• Alphatec reported quarterly revenue of $213.51 million, up 15.1% year over year, while meeting expectations with earnings of $0.07 per share. Shares opened at $9.45, well below their 52-week high of $23.29.

Bank of New York Mellon Corp acquired a new position in Alphatec Holdings, Inc. (NASDAQ:ATEC - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 357,406 shares of the medical technology company's stock, valued at approximately $3,092,000. Bank of New York Mellon Corp owned about 0.23% of Alphatec at the end of the most recent quarter.

Several other large investors have also modified their holdings of ATEC. Creative Planning grew its stake in Alphatec by 0.9% in the 3rd quarter. Creative Planning now owns 58,654 shares of the medical technology company's stock valued at $853,000 after buying an additional 534 shares during the last quarter. Great Lakes Advisors LLC boosted its holdings in Alphatec by 0.4% during the fourth quarter. Great Lakes Advisors LLC now owns 278,717 shares of the medical technology company's stock valued at $5,864,000 after acquiring an additional 1,226 shares during the period. Franklin Resources Inc. boosted its holdings in Alphatec by 2.0% during the fourth quarter. Franklin Resources Inc. now owns 64,774 shares of the medical technology company's stock valued at $1,363,000 after acquiring an additional 1,299 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Alphatec by 157.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,571 shares of the medical technology company's stock valued at $54,000 after purchasing an additional 1,571 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in shares of Alphatec by 8.2% in the fourth quarter. ProShare Advisors LLC now owns 21,470 shares of the medical technology company's stock valued at $452,000 after purchasing an additional 1,633 shares during the last quarter. 66.35% of the stock is owned by institutional investors.

Insider Buying and Selling at Alphatec

In other news, Director Karen 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 transaction of $48,460.50. Following the completion of the transaction, the director directly owned 94,671 shares of the company's stock, valued at approximately $758,314.71. This trade represents a 6.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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. Also, General Counsel Tyson Marshall sold 8,168 shares of Alphatec stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $9.65, for a total transaction of $78,821.20. Following the sale, the general counsel owned 630,398 shares in the company, valued at approximately $6,083,340.70. This trade represents a 1.28% 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. Insiders own 13.48% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on ATEC shares. TD Cowen lifted their price objective on Alphatec from $11.00 to $13.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Stifel Nicolaus decreased their target price on Alphatec from $16.00 to $13.00 and set a "buy" rating for the company in a research note on Wednesday, July 8th. BMO Capital Markets raised their target price on Alphatec from $11.00 to $12.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. 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. Finally, Stephens initiated coverage on Alphatec in a report on Thursday, July 23rd. They set an "overweight" rating and a $15.00 price target for the company. Thirteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Alphatec presently has an average rating of "Moderate Buy" and an average target price of $17.40.

Alphatec Price Performance

Shares of NASDAQ:ATEC opened at $9.45 on Monday. Alphatec Holdings, Inc. has a 1-year low of $6.82 and a 1-year high of $23.29. The firm has a market capitalization of $1.46 billion, a PE ratio of -13.31 and a beta of 0.85. The business's 50 day moving average is $9.26 and its 200-day moving average is $9.92. The company has a current ratio of 1.89, a quick ratio of 1.07 and a debt-to-equity ratio of 40.35.

Alphatec (NASDAQ:ATEC - Get Free Report) last issued its earnings results on Tuesday, August 4th. The medical technology company reported $0.07 EPS for the quarter, meeting analysts' consensus estimates of $0.07. The business had revenue of $213.51 million during the quarter, compared to analyst estimates of $211.26 million. Alphatec had a negative return on equity of 6,752.24% and a negative net margin of 13.49%.Alphatec's revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.02 earnings per share. Sell-side analysts predict that Alphatec Holdings, Inc. will post -0.45 earnings per share for the current year.

About Alphatec

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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