Penn Capital Management Company LLC Sells 489,341 Shares of Alphatec Holdings, Inc. $ATEC

Key Points

• Penn Capital Management cut its Alphatec stake by 31.3% in the fourth quarter, selling 489,341 shares but still holding 1,073,090 shares worth about $22.6 million. Alphatec remains its largest position, representing about 1.8% of the fund’s holdings.
• Alphatec insiders were also active sellers: EVP Craig E. Hunsaker and EVP David Sponsel sold a combined 246,217 shares in March. Insiders sold 629,189 shares over the last quarter in total.
• The company missed earnings expectations, reporting a loss of $0.22 per share versus an expected loss of $0.01, while revenue came in at $192.11 million, below estimates. Despite the miss, revenue still rose 13.6% year over year, and analysts currently rate the stock a Moderate Buy with an average target price of $18.58.

Penn Capital Management Company LLC lowered its position in shares of Alphatec Holdings, Inc. (NASDAQ:ATEC - Free Report) by 31.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,073,090 shares of the medical technology company's stock after selling 489,341 shares during the period. Alphatec comprises about 1.8% of Penn Capital Management Company LLC's holdings, making the stock its largest position. Penn Capital Management Company LLC owned 0.72% of Alphatec worth $22,629,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in ATEC. Creative Planning increased its position 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 acquiring an additional 534 shares during the period. Valeo Financial Advisors LLC increased its position in Alphatec by 2.1% in the 3rd quarter. Valeo Financial Advisors LLC now owns 41,296 shares of the medical technology company's stock valued at $600,000 after acquiring an additional 846 shares during the period. Arizona State Retirement System increased its position in Alphatec by 2.8% in the 3rd quarter. Arizona State Retirement System now owns 34,603 shares of the medical technology company's stock valued at $503,000 after acquiring an additional 949 shares during the period. Oppenheimer Asset Management Inc. increased its position in Alphatec by 9.9% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 15,075 shares of the medical technology company's stock valued at $317,000 after acquiring an additional 1,353 shares during the period. Finally, ProShare Advisors LLC increased its position in Alphatec by 8.2% in the 4th quarter. ProShare Advisors LLC now owns 21,470 shares of the medical technology company's stock valued at $452,000 after acquiring an additional 1,633 shares during the period. Institutional investors and hedge funds own 66.35% of the company's stock.

Insider Transactions at Alphatec

In other news, EVP Craig E. Hunsaker sold 82,765 shares of the business's stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $12.45, for a total transaction of $1,030,424.25. Following the sale, the executive vice president owned 1,726,209 shares of the company's stock, valued at $21,491,302.05. The trade was a 4.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David Sponsel sold 163,452 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $12.52, for a total value of $2,046,419.04. Following the sale, the executive vice president directly owned 504,932 shares in the company, valued at $6,321,748.64. This trade represents a 24.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 629,189 shares of company stock worth $7,801,589 over the last quarter. Insiders own 13.48% of the company's stock.

Alphatec Price Performance

Shares of NASDAQ:ATEC opened at $8.06 on Wednesday. The business's 50 day simple moving average is $10.15 and its 200-day simple moving average is $15.01. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -9.83 and a beta of 0.96. The company has a debt-to-equity ratio of 40.35, a current ratio of 1.90 and a quick ratio of 1.12. 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 announced its quarterly earnings results on Tuesday, May 5th. The medical technology company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.21). The firm had revenue of $192.11 million for the quarter, compared to analysts' expectations of $197.51 million. Alphatec had a negative return on equity of 1,183.84% and a negative net margin of 15.93%.Alphatec's revenue was up 13.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.35) EPS. As a group, equities analysts forecast that Alphatec Holdings, Inc. will post -0.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Weiss Ratings upgraded Alphatec from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, May 6th. Stifel Nicolaus dropped their price target on Alphatec from $24.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, March 9th. Needham & Company LLC dropped their target price on Alphatec from $25.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, May 6th. Canaccord Genuity Group dropped their target price on Alphatec from $25.00 to $23.00 and set a "buy" rating on the stock in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. dropped their target price on Alphatec from $24.00 to $16.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 6th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $18.58.

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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