Needham & Company LLC Reaffirms Buy Rating for Alphatec (NASDAQ:ATEC)

Alphatec (NASDAQ:ATEC - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $23.00 price target on the medical technology company's stock. Needham & Company LLC's price objective suggests a potential upside of 116.98% from the stock's previous close.

A number of other analysts have also recently commented on ATEC. Canaccord Genuity Group restated a "buy" rating and issued a $25.00 price objective on shares of Alphatec in a research report on Wednesday, March 20th. Wells Fargo & Company initiated coverage on Alphatec in a research report on Friday, February 9th. They set an "overweight" rating and a $26.00 price objective on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $20.00 target price on shares of Alphatec in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Alphatec has an average rating of "Moderate Buy" and an average price target of $22.89.

Alphatec Stock Down 21.9 %

Alphatec stock traded down $2.98 during mid-day trading on Wednesday, reaching $10.60. 9,058,089 shares of the company were exchanged, compared to its average volume of 1,670,841. Alphatec has a 12-month low of $8.66 and a 12-month high of $19.14. The business has a fifty day moving average of $13.32 and a 200 day moving average of $13.56. The firm has a market cap of $1.48 billion, a P/E ratio of -6.84 and a beta of 1.48. The company has a debt-to-equity ratio of 6.54, a quick ratio of 1.99 and a current ratio of 2.86.

Alphatec (NASDAQ:ATEC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The medical technology company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.01). The business had revenue of $138.48 million for the quarter, compared to analyst estimates of $134.07 million. The company's revenue for the quarter was up 26.9% on a year-over-year basis. During the same period last year, the firm posted ($0.40) EPS. Research analysts anticipate that Alphatec will post -1.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Alphatec

In related news, CFO John Todd Koning sold 37,500 shares of the stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $12.82, for a total transaction of $480,750.00. Following the completion of the sale, the chief financial officer now directly owns 393,356 shares of the company's stock, valued at $5,042,823.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO John Todd Koning sold 37,500 shares of the firm's stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $12.82, for a total value of $480,750.00. Following the completion of the sale, the chief financial officer now owns 393,356 shares in the company, valued at $5,042,823.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP David Sponsel sold 2,500 shares of the business's stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $16.16, for a total value of $40,400.00. Following the transaction, the executive vice president now owns 637,418 shares in the company, valued at approximately $10,300,674.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 285,069 shares of company stock worth $3,971,495. 29.12% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alphatec

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Light Asset Management LLC increased its stake in Alphatec by 97.0% in the 4th quarter. First Light Asset Management LLC now owns 5,976,851 shares of the medical technology company's stock valued at $90,310,000 after purchasing an additional 2,943,310 shares in the last quarter. Vanguard Group Inc. lifted its position in Alphatec by 1.8% during the third quarter. Vanguard Group Inc. now owns 4,615,223 shares of the medical technology company's stock valued at $59,859,000 after buying an additional 80,101 shares in the last quarter. American Century Companies Inc. grew its stake in Alphatec by 24.5% during the third quarter. American Century Companies Inc. now owns 2,655,328 shares of the medical technology company's stock worth $34,440,000 after buying an additional 523,323 shares during the period. Fred Alger Management LLC raised its stake in shares of Alphatec by 48.9% in the 3rd quarter. Fred Alger Management LLC now owns 2,336,718 shares of the medical technology company's stock valued at $30,307,000 after acquiring an additional 767,280 shares during the period. Finally, Cerity Partners LLC acquired a new position in shares of Alphatec during the 4th quarter valued at $28,451,000. 66.35% of the stock is owned by institutional investors and hedge funds.

Alphatec Company Profile

Alphatec Holdings, Inc, a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally. It manufactures and sells implants and instruments through third-party suppliers. The company offers Alpha InformatiX product platform, including EOS imaging system that provides full-body imaging; VEA alignment mobile application, which leverages EOS technology to more quickly quantify alignment parameters on a mobile device; SafeOp Neural InformatiX System that automates electromyographic and somatosensory evoked potential monitoring; and Valence, an intra-operative system that integrates navigation and robotics into spine procedures, as well as Sigma Prone TransPsoas (PTP) Access and PTP Patient Positioning Systems.