Alphatec (NASDAQ:ATEC) Lowered to “Equal Weight” at Morgan Stanley

Morgan Stanley cut shares of Alphatec (NASDAQ:ATEC) from an overweight rating to an equal weight rating in a research report sent to investors on Thursday morning, Marketbeat reports.

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity Group restated a buy rating and issued a $25.00 price target on shares of Alphatec in a research report on Thursday, July 25th. Barclays started coverage on Alphatec in a research report on Monday, July 8th. They set an overweight rating and a $19.00 target price on the stock. Needham & Company LLC reiterated a buy rating and set a $23.00 target price on shares of Alphatec in a research report on Thursday. Piper Sandler dropped their target price on Alphatec from $17.00 to $12.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Stifel Nicolaus dropped their target price on Alphatec from $19.00 to $16.00 and set a buy rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $19.11.

Alphatec Stock Performance

Shares of Alphatec stock remained flat at $6.64 on Thursday. The stock had a trading volume of 1,762,926 shares, compared to its average volume of 1,700,770. Alphatec has a fifty-two week low of $6.25 and a fifty-two week high of $18.32. The company has a current ratio of 2.39, a quick ratio of 1.49 and a debt-to-equity ratio of 13.63. The firm has a market cap of $928.80 million, a PE ratio of -4.46 and a beta of 1.40. The business has a 50-day moving average price of $10.38 and a 200 day moving average price of $12.67.

Alphatec (NASDAQ:ATEC) last issued its quarterly earnings results on Wednesday, July 31st. The medical technology company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.03). The company had revenue of $145.57 million during the quarter, compared to analyst estimates of $144.55 million. Alphatec had a negative net margin of 33.48% and a negative return on equity of 758.98%. The business’s revenue was up 24.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.43) EPS. Analysts predict that Alphatec will post -1.04 EPS for the current fiscal year.

Insider Activity at Alphatec

In related news, General Counsel Tyson Eliot Marshall sold 50,232 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $10.88, for a total value of $546,524.16. Following the sale, the general counsel now owns 245,638 shares of the company’s stock, valued at approximately $2,672,541.44. The transaction was disclosed in a filing with the SEC, which is available through this link. 22.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alphatec

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cerity Partners LLC purchased a new stake in Alphatec in the 4th quarter valued at approximately $28,451,000. Charles Schwab Investment Management Inc. lifted its stake in Alphatec by 20.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 746,781 shares of the medical technology company’s stock valued at $11,284,000 after buying an additional 125,488 shares in the last quarter. Pura Vida Investments LLC purchased a new stake in Alphatec in the 4th quarter valued at approximately $4,609,000. First Light Asset Management LLC lifted 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 buying an additional 2,943,310 shares in the last quarter. Finally, Congress Asset Management Co. MA purchased a new stake in Alphatec in the 1st quarter valued at approximately $1,829,000. Hedge funds and other institutional investors own 66.35% of the company’s stock.

About Alphatec

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.