Engineers Gate Manager LP Decreases Stock Holdings in Alphatec Holdings, Inc. $ATEC

Key Points

• Engineers Gate Manager LP cut its Alphatec stake by 65.4% in the second quarter, selling 187,282 shares and retaining 99,185 shares worth approximately $858,000. Institutional investors collectively own 66.35% of ATEC.
• Alphatec reported quarterly revenue of $213.51 million, up 15.1% year over year, and earnings of $0.07 per share, in line with analyst expectations. Despite the revenue growth, the company posted a negative net margin.
• Wall Street remains broadly positive, with 13 Buy ratings and a consensus “Moderate Buy” rating; analysts’ average price target is $17.40 versus the stock’s reported opening price of $10.18.

Engineers Gate Manager LP decreased its holdings in shares of Alphatec Holdings, Inc. (NASDAQ:ATEC - Free Report) by 65.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,185 shares of the medical technology company's stock after selling 187,282 shares during the quarter. Engineers Gate Manager LP owned about 0.06% of Alphatec worth $858,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ATEC. Bank of America Corp DE grew its holdings 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. Next Century Growth Investors LLC lifted its holdings in Alphatec by 6.1% in the 4th quarter. Next Century Growth Investors LLC now owns 2,418,298 shares of the medical technology company's stock worth $50,881,000 after buying an additional 138,915 shares in the last quarter. Emerald Advisers LLC boosted its position in Alphatec by 10.4% in the 1st quarter. Emerald Advisers LLC now owns 1,807,307 shares of the medical technology company's stock valued at $19,664,000 after buying an additional 169,578 shares during the last quarter. Granite Investment Partners LLC boosted its position in Alphatec by 4.7% in the 1st quarter. Granite Investment Partners LLC now owns 1,195,156 shares of the medical technology company's stock valued at $13,003,000 after buying an additional 54,043 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust grew its stake in shares of Alphatec by 27.1% during the first quarter. Emerald Mutual Fund Advisers Trust now owns 1,156,826 shares of the medical technology company's stock valued at $12,586,000 after acquiring an additional 246,773 shares in the last quarter. 66.35% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphatec

In related news, General Counsel Tyson Marshall sold 8,168 shares of the business's 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 completion of the sale, the general counsel owned 630,398 shares of the company's stock, valued at $6,083,340.70. This represents a 1.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, CEO Patrick Miles acquired 115,000 shares of the company's stock in a transaction that occurred on Thursday, September 10th. The shares were acquired at an average price of $8.81 per share, for a total transaction of $1,013,150.00. Following 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. Additional details regarding this purchase are available in the official SEC disclosure. 13.48% of the stock is owned by corporate insiders.

Alphatec Stock Performance

Shares of ATEC opened at $10.18 on Monday. The stock has a market capitalization of $1.57 billion, a PE ratio of -14.34 and a beta of 0.85. The business's fifty day moving average price is $9.41 and its 200 day moving average price is $9.67. The company has a debt-to-equity ratio of 40.35, a current ratio of 1.89 and a quick ratio of 1.07. Alphatec Holdings, Inc. has a 12-month low of $6.82 and a 12-month high of $23.29.

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on ATEC. Stifel Nicolaus cut their price target on Alphatec from $16.00 to $13.00 and set a "buy" rating on the stock in a research note on Wednesday, July 8th. Wall Street Zen lowered Alphatec from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Stephens assumed coverage on Alphatec in a research report on Thursday, July 23rd. They issued an "overweight" rating and a $15.00 target price on the stock. UBS Group increased their target price on Alphatec from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Finally, BMO Capital Markets raised their price target on shares of Alphatec from $11.00 to $12.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 5th. Thirteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $17.40.

About Alphatec

Alphatec Holdings, Inc NASDAQ: ATEC is a medical technology company focused on improving the surgical treatment of spinal disorders. The company develops and commercializes products designed to support spine surgery, including implants, biologics, surgical instruments and related technologies.

Its portfolio is intended for procedures addressing conditions such as spinal deformities, degenerative disc disease and other disorders affecting the spine. Alphatec emphasizes surgeon-focused solutions and integrated technologies that support preoperative planning, intraoperative decision-making and the placement of spinal implants.

Headquartered in Carlsbad, California, Alphatec serves hospitals, surgeons and other healthcare providers in the United States and select international markets.

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.