Alphatec (NASDAQ:ATEC) Shares Up 5.3% – Still a Buy?

Alphatec Holdings, Inc. (NASDAQ:ATEC)’s share price rose 5.3% on Thursday . The company traded as high as $9.60 and last traded at $9.5150. Approximately 122,796 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 3,215,935 shares. The stock had previously closed at $9.04.

Analyst Ratings Changes

Several research firms have commented on ATEC. Wells Fargo & Company cut their price objective on Alphatec from $28.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, May 7th. Piper Sandler restated an “overweight” rating and issued a $14.00 target price (down from $25.00) on shares of Alphatec in a research report on Wednesday, May 6th. Stifel Nicolaus lowered 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. TD Cowen dropped their price target on Alphatec from $20.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. reduced their price objective on Alphatec from $24.00 to $16.00 and set an “overweight” rating for the company in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.46.

Alphatec Stock Performance

The company has a market cap of $1.45 billion, a PE ratio of -11.51 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. The firm’s 50 day moving average is $8.38 and its 200-day moving average is $11.95.

Insider Buying and Selling at Alphatec

In other news, Director Karen K. Mcginnis sold 6,050 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $8.01, for a total transaction of $48,460.50. Following the transaction, the director directly owned 94,671 shares in the company, valued at $758,314.71. The trade was a 6.01% decrease in their position. The sale 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 currently owned by corporate insiders.

Hedge Funds Weigh In On Alphatec

A number of institutional investors have recently added to or reduced their stakes in ATEC. Millennium Management LLC increased its stake in shares of Alphatec by 292.2% in the 4th quarter. Millennium Management LLC now owns 2,225,927 shares of the medical technology company’s stock worth $46,834,000 after acquiring an additional 1,658,349 shares during the last quarter. Iron Triangle Partners LP purchased a new position in shares of Alphatec during the 4th quarter worth $27,051,000. Morgan Stanley boosted its position in shares of Alphatec by 22.0% during the 4th 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 during the last quarter. Tudor Investment Corp ET AL boosted its position in shares of Alphatec by 608.4% during the 3rd quarter. Tudor Investment Corp ET AL now owns 900,491 shares of the medical technology company’s stock valued at $13,093,000 after acquiring an additional 773,367 shares during the last quarter. Finally, M&G PLC purchased a new stake in shares of Alphatec in the fourth quarter valued at about $14,055,000. Hedge funds and other institutional investors own 66.35% of the company’s stock.

About Alphatec

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.