Congress Asset Management Co. Trims Position in Alphatec Holdings, Inc. (NASDAQ:ATEC)

Congress Asset Management Co. lowered its position in shares of Alphatec Holdings, Inc. (NASDAQ:ATEC) by 0.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 432,912 shares of the medical technology company’s stock after selling 2,054 shares during the quarter. Congress Asset Management Co. owned approximately 0.30% of Alphatec worth $4,390,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ATEC. Comerica Bank boosted its holdings in shares of Alphatec by 66.8% during the fourth quarter. Comerica Bank now owns 3,116 shares of the medical technology company’s stock worth $29,000 after purchasing an additional 1,248 shares during the last quarter. Quarry LP lifted its position in Alphatec by 79.2% during the fourth quarter. Quarry LP now owns 5,374 shares of the medical technology company’s stock worth $49,000 after buying an additional 2,375 shares during the period. Lazard Asset Management LLC purchased a new position in Alphatec during the fourth quarter worth about $76,000. AlphaQuest LLC acquired a new stake in Alphatec in the 4th quarter worth about $80,000. Finally, State of Wyoming purchased a new stake in Alphatec in the 4th quarter valued at about $86,000. 66.35% of the stock is owned by hedge funds and other institutional investors.

Alphatec Stock Up 2.3%

Shares of Alphatec stock opened at $12.73 on Monday. Alphatec Holdings, Inc. has a twelve month low of $4.88 and a twelve month high of $13.14. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -9.95 and a beta of 1.10. The company has a current ratio of 2.32, a quick ratio of 1.15 and a debt-to-equity ratio of 30.21. The company has a fifty day moving average price of $11.52 and a 200 day moving average price of $10.77.

Alphatec (NASDAQ:ATEC) last issued its earnings results on Thursday, May 1st. The medical technology company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.23). The company had revenue of $169.18 million during the quarter, compared to analysts’ expectations of $167.57 million. Alphatec had a negative return on equity of 541.39% and a negative net margin of 31.06%. Alphatec’s quarterly revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.34) EPS. Equities research analysts forecast that Alphatec Holdings, Inc. will post -1.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Alphatec news, COO Scott Lish sold 55,375 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $13.00, for a total value of $719,875.00. Following the transaction, the chief operating officer now directly owns 771,645 shares of the company’s stock, valued at $10,031,385. This represents a 6.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Craig E. Hunsaker sold 186,122 shares of Alphatec stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $12.34, for a total transaction of $2,296,745.48. Following the completion of the sale, the executive vice president now owns 1,463,896 shares of the company’s stock, valued at approximately $18,064,476.64. This trade represents a 11.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,375 shares of company stock valued at $3,333,593 in the last quarter. Company insiders own 20.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ATEC shares. Piper Sandler reiterated an “overweight” rating and set a $15.00 price objective (up from $13.00) on shares of Alphatec in a report on Friday, May 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 price target on shares of Alphatec in a research note on Friday, May 2nd. Wall Street Zen raised shares of Alphatec from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Finally, HC Wainwright restated a “buy” rating and set a $20.00 price objective on shares of Alphatec in a report on Monday, April 14th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.89.

Alphatec 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.