Alphatec (NASDAQ:ATEC) Downgraded to Hold Rating by Wall Street Zen

Alphatec (NASDAQ:ATEC) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Sunday.

Other analysts also recently issued research reports about the company. Barclays dropped their price target on Alphatec from $27.00 to $24.00 and set an “overweight” rating on the stock in a research note on Thursday, May 7th. Wells Fargo & Company decreased their price objective on Alphatec from $28.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, May 7th. JPMorgan Chase & Co. dropped their target price on Alphatec from $24.00 to $16.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Canaccord Genuity Group cut their target price on Alphatec from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Finally, Lake Street Capital reaffirmed a “buy” rating and set a $15.00 price target on shares of Alphatec in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.46.

Alphatec Stock Up 0.7%

ATEC traded up $0.07 during trading on Friday, hitting $9.58. The company had a trading volume of 1,513,709 shares, compared to its average volume of 3,179,758. The company has a market capitalization of $1.47 billion, a PE ratio of -11.68 and a beta of 0.85. Alphatec has a one year low of $6.82 and a one year high of $23.29. The firm’s 50-day moving average price is $8.36 and its 200 day moving average price is $12.26. The company has a quick ratio of 1.12, a current ratio of 1.90 and a debt-to-equity ratio of 40.35.

Insider Activity

In related news, Director Karen K. Mcginnis sold 6,050 shares of Alphatec stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $8.01, for a total value of $48,460.50. Following the sale, the director owned 94,671 shares of the company’s stock, valued at approximately $758,314.71. The trade was a 6.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Corporate insiders own 13.48% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Millennium Management LLC increased its holdings in Alphatec by 292.2% during the fourth quarter. Millennium Management LLC now owns 2,225,927 shares of the medical technology company’s stock worth $46,834,000 after buying an additional 1,658,349 shares during the last quarter. Iron Triangle Partners LP bought a new stake in Alphatec during the fourth quarter worth $27,051,000. Morgan Stanley lifted its stake in Alphatec by 22.0% in 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 during the last quarter. Tudor Investment Corp ET AL lifted its stake in Alphatec by 608.4% in the third 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 bought a new position in shares of Alphatec in the 4th quarter valued at about $14,055,000. 66.35% of the stock is currently owned by institutional investors.

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.