Alphatec (NASDAQ:ATEC) Shares Down 6.3% – Here’s What Happened

Alphatec Holdings, Inc. (NASDAQ:ATEC)’s stock price was down 6.3% during mid-day trading on Tuesday . The company traded as low as $8.65 and last traded at $8.9050. Approximately 1,159,712 shares traded hands during trading, a decline of 65% from the average session volume of 3,280,078 shares. The stock had previously closed at $9.50.

Analyst Ratings Changes

Several research firms recently commented on ATEC. Weiss Ratings upgraded shares of Alphatec from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 6th. Piper Sandler reiterated an “overweight” rating and set a $14.00 price objective (down from $25.00) on shares of Alphatec in a research note on Wednesday, May 6th. Needham & Company LLC dropped their price objective on shares of Alphatec from $25.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. TD Cowen cut their target price on shares of Alphatec from $20.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Finally, Lake Street Capital restated a “buy” rating and set a $15.00 target price on shares of Alphatec in a report on Wednesday, May 6th. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Alphatec currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.58.

Alphatec Trading Up 2.4%

The firm has a fifty day moving average of $8.49 and a 200 day moving average of $12.72. The firm has a market capitalization of $1.36 billion, a PE ratio of -10.80 and a beta of 0.85. The company has a debt-to-equity ratio of 40.35, a quick ratio of 1.12 and a current ratio of 1.90.

Insider Transactions at Alphatec

In other news, Director Karen K. Mcginnis sold 6,050 shares of Alphatec stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $8.01, for a total transaction of $48,460.50. Following the sale, the director owned 94,671 shares in the company, valued at $758,314.71. This trade represents a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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. 13.48% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alphatec

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Alphatec by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 6,883,626 shares of the medical technology company’s stock worth $144,831,000 after buying an additional 68,568 shares during the period. American Century Companies Inc. grew its stake in shares of Alphatec by 2.6% during the third quarter. American Century Companies Inc. now owns 6,336,491 shares of the medical technology company’s stock valued at $92,133,000 after acquiring an additional 159,330 shares in the last quarter. Morgan Stanley grew its stake in shares of Alphatec by 22.0% during the fourth quarter. Morgan Stanley now owns 4,340,936 shares of the medical technology company’s stock valued at $91,333,000 after acquiring an additional 784,191 shares in the last quarter. State Street Corp grew its stake in shares of Alphatec by 6.4% during the fourth quarter. State Street Corp now owns 2,889,240 shares of the medical technology company’s stock valued at $60,790,000 after acquiring an additional 174,287 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Alphatec by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 2,828,026 shares of the medical technology company’s stock worth $59,511,000 after acquiring an additional 32,465 shares during the last quarter. 66.35% of the stock is owned by institutional investors and hedge funds.

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.