Alphatec (NASDAQ:ATEC) Price Target Cut to $18.00

Alphatec (NASDAQ:ATEC) had its target price decreased by Lake Street Capital from $32.00 to $18.00 in a report issued on Tuesday morning, Benzinga reports. Lake Street Capital currently has a buy rating on the medical technology company’s stock.

A number of other brokerages have also commented on ATEC. Stifel Nicolaus cut their price target on Alphatec from $19.00 to $16.00 and set a buy rating on the stock in a report on Thursday, August 1st. Canaccord Genuity Group restated a buy rating and issued a $20.00 price target on shares of Alphatec in a report on Friday, August 30th. Piper Sandler cut their price target on Alphatec from $17.00 to $12.00 and set an overweight rating on the stock in a report on Thursday, August 1st. Barclays initiated coverage on Alphatec in a report on Monday, July 8th. They issued an overweight rating and a $19.00 price target on the stock. Finally, Morgan Stanley lowered Alphatec from an overweight rating to an equal weight rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $17.50.

Alphatec Trading Down 3.5 %

ATEC stock opened at $6.42 on Tuesday. The business has a fifty day moving average price of $8.34 and a 200 day moving average price of $10.92. Alphatec has a fifty-two week low of $5.57 and a fifty-two week high of $17.34. The stock has a market capitalization of $897.36 million, a price-to-earnings ratio of -4.31 and a beta of 1.40. The company has a debt-to-equity ratio of 30.21, a current ratio of 2.22 and a quick ratio of 1.21.

Alphatec (NASDAQ:ATEC) last released its earnings results on Wednesday, July 31st. The medical technology company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.03). The firm 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 816.57%. The firm’s quarterly revenue was up 24.5% on a year-over-year basis. During the same period last year, the business posted ($0.43) earnings per share. Analysts expect that Alphatec will post -1.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction, the general counsel now owns 245,638 shares of the company’s stock, valued at $2,672,541.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other 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 transaction, the general counsel now owns 245,638 shares of the company’s stock, valued at $2,672,541.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David M. Demski purchased 50,000 shares of Alphatec stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average cost of $5.67 per share, for a total transaction of $283,500.00. Following the transaction, the director now directly owns 288,441 shares of the company’s stock, valued at $1,635,460.47. The disclosure for this purchase can be found here. Company insiders own 22.80% of the company’s stock.

Institutional Investors Weigh In On Alphatec

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its stake in Alphatec by 20.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 746,781 shares of the medical technology company’s stock worth $11,284,000 after purchasing an additional 125,488 shares during the last quarter. Pura Vida Investments LLC bought a new position in shares of Alphatec in the 4th quarter valued at $4,609,000. First Light Asset Management LLC lifted its stake in shares of 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 acquiring an additional 2,943,310 shares during the last quarter. Congress Asset Management Co. MA bought a new position in shares of Alphatec in the 1st quarter valued at $1,829,000. Finally, Principal Financial Group Inc. lifted its stake in shares of Alphatec by 87.1% in the 4th quarter. Principal Financial Group Inc. now owns 277,000 shares of the medical technology company’s stock valued at $4,185,000 after acquiring an additional 128,938 shares during the last quarter. 66.35% of the stock is currently owned by institutional investors.

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.